1-Year T-bill BY25100H (23 Jan 2025) Open
16 Jan 2025
1-Year T-bill BY25100H is open for application from 16 Jan 2025. Auction will be conducted on 23 Jan 2025.
A total of $5.4B is offered for this issue, higher than that of $5.2B for the previous issue, BY24103N (17 Oct 2024).
Application typically closes on 22 Jan 2025. CPF application may close a business day earlier. Closing date and time may vary from bank to bank. Please check with your bank for the exact cut-off time.
Auction Open
- Announcement Date
- 16 Jan 2025 Notify me
- Closing Date (Typical)
- 22 Jan 2025 Remind me
- Auction Date
- 23 Jan 2025 Notify me
- Issue Date
- 28 Jan 2025
- Maturity Date
- 27 Jan 2026
- Issue Code
- BY25100H
- ISIN Code
- SGXZ85890994
- Total Amount Offered
- $5,400,000,000
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | Code | ISIN |
|---|---|---|---|---|---|
| 09 Apr 2025 | 16 Apr 2025 | 22 Apr 2025 | 21 Apr 2026 | BY25101T | SGXZ26944249 |
Recent SGS Benchmark Yield
| Date | 13 Jan 2025 | 14 Jan 2025 | 15 Jan 2025 | 16 Jan 2025 | 17 Jan 2025 |
|---|---|---|---|---|---|
| 1-Year Yield (%) | 2.80 | 2.80 | 2.80 | 2.80 | 2.81 |
Source: Daily SGS Prices (MAS)
If you wish to submit a competitive bid for this issue, you need to know what is the fair rate. The 1-Year SGS benchmark yield reflects the bid rate quoted by SGS primary dealers. It provides an indication of the current market rate.
Nonetheless, the cut-off yield will be determined through an auction (ie. depends on demand). You may take hints from the statistics below and see how the cut-off yield compared with previous day benchmark yield in past auctions.
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 (%) |
|---|---|---|---|---|
| 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 |
| 17 Oct 2024 | BY24103N | 2.71 | 3.02 | -0.31 |
Cut-Off Yield had been in the range of -0.31 to 0.44 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 (%) |
|---|---|---|---|---|
| 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 |
| 17 Oct 2024 | BY24103N | 2.71 | 2.60 | 2.47 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 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 |
| 17 Oct 2024 | BY24103N | $5,200,000,000 | $14,697,623,000 | 2.83 |
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 |
|---|---|---|---|---|---|
| 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% |
| 17 Oct 2024 | BY24103N | $5,200,000,000 | $826,470,000 | 15.89% | 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 (SBFEB25) has a 10-year average return of 2.82% p.a. View Details
The next SSB (SBMAR25) is projected to have a higher 10-year average return. View Projection