1-Year T-bill BY25100H (23 Jan 2025) Cut-Off Yield 2.95%
23 Jan 2025
This issue offers investors a cut-off yield of 2.95% p.a., higher than that (2.71% p.a.) of the previous issue, BY24103N (17 Oct 2024).
The total value of applications in this auction was $10.1B, representing a bid-to-cover ratio of 1.87. This is lower than the $14.7B (bid-to-cover ratio 2.83) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 2.95% get around 64.20% of the amount applied.
Auction Closed
- Announcement Date
- 16 Jan 2025 Notify me
- Auction Date
- 23 Jan 2025 Notify me
- Issue Date
- 28 Jan 2025
- Maturity Date
- 27 Jan 2026
- Issue Code
- BY25100H
- ISIN Code
- SGXZ85890994
- Cut-Off Yield
- 2.95% p.a.
- Cut-Off Price
- 97.058
- Median Yield
- 2.83% p.a.
- Median Price
- 97.178
- Average Yield
- 2.72% p.a.
- Average Price
- 97.287
- Total Amount Offered
- $5,400,000,000
- Amount Allotted to Non-Competitive Applications
- $691,521,000
- Total Amount Applied
- $10,106,272,000
- % of Competitive Applications at Cut-off Allotted
- 64.20%
- % of Non-Competitive Applications Allotted
- 100.00%
- Bid-to-Cover Ratio
- 1.87
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 | 17 Feb 2025 | 18 Feb 2025 | 19 Feb 2025 | 20 Feb 2025 | 21 Feb 2025 |
|---|---|---|---|---|---|
| 1-Year Yield (%) | 2.87 | 2.87 | 2.86 | 2.86 | 2.85 |
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 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 |
| 23 Jan 2025 | BY25100H | 2.95 | 2.81 | 0.14 |
Cut-Off Yield had been in the range of -0.31 to 0.39 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 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 |
| 23 Jan 2025 | BY25100H | 2.95 | 2.83 | 2.72 |
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 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 |
| 23 Jan 2025 | BY25100H | $5,400,000,000 | $10,106,272,000 | 1.87 |
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 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% |
| 23 Jan 2025 | BY25100H | $5,400,000,000 | $691,521,000 | 12.81% | 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 (SBMAR25) has a 10-year average return of 2.97% p.a. View Details
The next SSB (SBAPR25) is projected to have a lower 10-year average return. View Projection