1-Year T-bill BY24102W (25 Jul 2024) Cut-Off Yield 3.38%
![T-bill splash image](/images/splash-t-bill.png)
25 Jul 2024
This issue offers investors a cut-off yield of 3.38% p.a., lower than that (3.58% p.a.) of the previous issue, BY24101X (18 Apr 2024).
The total value of applications in this auction was $15.0B, representing a bid-to-cover ratio of 2.95. This is higher than the $10.1B (bid-to-cover ratio 1.97) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 3.38% get around 96.88% of the amount applied.
Auction Closed
- Announcement Date
- 18 Jul 2024 Notify me
- Auction Date
- 25 Jul 2024 Notify me
- Issue Date
- 30 Jul 2024
- Maturity Date
- 29 Jul 2025
- Issue Code
- BY24102W
- ISIN Code
- SGXZ31182504
- Cut-Off Yield
- 3.38% p.a.
- Cut-Off Price
- 96.629
- Median Yield
- 3.16% p.a.
- Median Price
- 96.849
- Average Yield
- 2.84% p.a.
- Average Price
- 97.168
- Total Amount Offered
- $5,100,000,000
- Amount Allotted to Non-Competitive Applications
- $1,483,542,000
- Total Amount Applied
- $15,033,038,000
- % of Competitive Applications at Cut-off Allotted
- 96.88%
- % of Non-Competitive Applications Allotted
- 100.00%
- Bid-to-Cover Ratio
- 2.95
Upcoming Auctions
Announcement | Auction | Issue | Maturity | Code | ISIN |
---|---|---|---|---|---|
10 Oct 2024 | 17 Oct 2024 | 22 Oct 2024 | 21 Oct 2025 | BY24103N | SGXZ73155558 |
Recent SGS Benchmark Yield
Date | 02 Sep 2024 | 03 Sep 2024 | 04 Sep 2024 | 05 Sep 2024 | 06 Sep 2024 |
---|---|---|---|---|---|
1-Year Yield (%) | 3.14 | 3.14 | 3.13 | 3.13 | 3.13 |
Source: Daily SGS Prices (MAS)
The 1-Year SGS benchmark yield reflects the bid rate quoted by SGS primary dealers. It provides an indication of the current market rate.
Auction Statistics (Last 10 Auctions in The Last 4 Years)
Cut-Off Yield, Previous Day Benchmark Yield
Auction Date | Issue Code | Cut-Off Yield (%) | Previous Day Benchmark Yield (%) | Difference (%) |
---|---|---|---|---|
13 Apr 2022 | BY22101N | 2.00 | 1.11 | 0.89 |
21 Jul 2022 | BY22102V | 3.10 | 2.66 | 0.44 |
13 Oct 2022 | BY22103A | 3.72 | 3.33 | 0.39 |
26 Jan 2023 | BY23100X | 3.87 | 4.07 | -0.20 |
20 Apr 2023 | BY23101W | 3.58 | 3.71 | -0.13 |
27 Jul 2023 | BY23102N | 3.74 | 3.66 | 0.08 |
19 Oct 2023 | BY23103V | 3.70 | 3.82 | -0.12 |
25 Jan 2024 | BY24100T | 3.45 | 3.74 | -0.29 |
18 Apr 2024 | BY24101X | 3.58 | 3.54 | 0.04 |
25 Jul 2024 | BY24102W | 3.38 | 3.59 | -0.21 |
Cut-Off Yield had been in the range of -0.29 to 0.89 of Previous Day Benchmark Yield in the auctions above.
Cut-Off Yield, Median Yield, Average Yield
Auction Date | Issue Code | Cut-Off Yield (%) | Median Yield (%) | Average Yield (%) |
---|---|---|---|---|
13 Apr 2022 | BY22101N | 2.00 | 1.58 | 1.49 |
21 Jul 2022 | BY22102V | 3.10 | 2.96 | 2.82 |
13 Oct 2022 | BY22103A | 3.72 | 3.30 | 3.28 |
26 Jan 2023 | BY23100X | 3.87 | 3.78 | 3.53 |
20 Apr 2023 | BY23101W | 3.58 | 3.50 | 3.27 |
27 Jul 2023 | BY23102N | 3.74 | 3.50 | 3.09 |
19 Oct 2023 | BY23103V | 3.70 | 3.55 | 3.32 |
25 Jan 2024 | BY24100T | 3.45 | 3.40 | 3.13 |
18 Apr 2024 | BY24101X | 3.58 | 3.40 | 3.28 |
25 Jul 2024 | BY24102W | 3.38 | 3.16 | 2.84 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
---|---|---|---|---|
13 Apr 2022 | BY22101N | $3,800,000,000 | $5,519,839,000 | 1.45 |
21 Jul 2022 | BY22102V | $3,700,000,000 | $8,619,057,000 | 2.33 |
13 Oct 2022 | BY22103A | $3,700,000,000 | $8,587,751,000 | 2.32 |
26 Jan 2023 | BY23100X | $3,600,000,000 | $10,477,816,000 | 2.91 |
20 Apr 2023 | BY23101W | $4,300,000,000 | $12,732,598,000 | 2.96 |
27 Jul 2023 | BY23102N | $4,400,000,000 | $9,277,171,000 | 2.11 |
19 Oct 2023 | BY23103V | $4,500,000,000 | $11,941,430,000 | 2.65 |
25 Jan 2024 | BY24100T | $4,500,000,000 | $14,372,396,000 | 3.19 |
18 Apr 2024 | BY24101X | $5,100,000,000 | $10,052,473,000 | 1.97 |
25 Jul 2024 | BY24102W | $5,100,000,000 | $15,033,038,000 | 2.95 |
Total Amount Allotted, Amount (%) Allotted to Non-Competitive Applications
Auction Date | Issue Code | Total Amount Allotted | Amount Allotted to Non-Competitive Applications | % Allotted to Non-Competitive Applications | % of Non-Competitive Applications Allotted |
---|---|---|---|---|---|
13 Apr 2022 | BY22101N | $3,800,000,000 | $4,197,000 | 0.11% | 100.00% |
21 Jul 2022 | BY22102V | $3,700,000,000 | $90,796,000 | 2.45% | 100.00% |
13 Oct 2022 | BY22103A | $3,700,000,000 | $441,425,000 | 11.93% | 100.00% |
26 Jan 2023 | BY23100X | $3,600,000,000 | $643,873,000 | 17.89% | 100.00% |
20 Apr 2023 | BY23101W | $4,300,000,000 | $634,194,000 | 14.75% | 100.00% |
27 Jul 2023 | BY23102N | $4,400,000,000 | $797,243,000 | 18.12% | 100.00% |
19 Oct 2023 | BY23103V | $4,500,000,000 | $1,391,864,000 | 30.93% | 100.00% |
25 Jan 2024 | BY24100T | $4,500,000,000 | $1,774,494,000 | 39.43% | 100.00% |
18 Apr 2024 | BY24101X | $5,100,000,000 | $1,232,618,000 | 24.17% | 100.00% |
25 Jul 2024 | BY24102W | $5,100,000,000 | $1,483,542,000 | 29.09% | 100.00% |
Non-competitive bids will be allotted first, up to 40% of the total issuance amount. If the amount of non-competitive bids exceeds 40%, the bond will be allocated on a pro-rated basis. This means, when % Allotted to Non-Competitive Applications reaches 40%, % of Non-Competitive Applications Allotted will be less than 100%.
The latest SSB (SBOCT24) has a 10-year average return of 2.77% p.a. View Details
The next SSB (SBNOV24) is projected to have a lower 10-year average return. View Projection