6-Month T-bill BS25102Z (28 Jan 2025) Open
21 Jan 2025
6-Month T-bill BS25102Z is open for application from 21 Jan 2025. Auction will be conducted on 28 Jan 2025.
A total of $7.2B is offered for this issue, the same as that for the previous issue, BS25101F (16 Jan 2025).
Application typically closes on 27 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
- 21 Jan 2025 Notify me
- Closing Date (Typical)
- 27 Jan 2025 Remind me
- Auction Date
- 28 Jan 2025 Notify me
- Issue Date
- 04 Feb 2025
- Maturity Date
- 05 Aug 2025
- Issue Code
- BS25102Z
- ISIN Code
- SGXZ33655317
- Total Amount Offered
- $7,200,000,000
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | Code | ISIN |
|---|---|---|---|---|---|
| 06 Feb 2025 | 13 Feb 2025 | 18 Feb 2025 | 19 Aug 2025 | BS25103S | SGXZ89539258 |
| 20 Feb 2025 | 27 Feb 2025 | 04 Mar 2025 | 02 Sep 2025 | BS25104H | SGXZ84869254 |
| 06 Mar 2025 | 13 Mar 2025 | 18 Mar 2025 | 16 Sep 2025 | BS25105T | SGXZ91426395 |
Recent SGS Benchmark Yield
| Date | 15 Jan 2025 | 16 Jan 2025 | 17 Jan 2025 | 20 Jan 2025 | 21 Jan 2025 |
|---|---|---|---|---|---|
| 6-Month Yield (%) | 3.03 | 2.99 | 2.99 | 2.99 | 2.99 |
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 6-Month 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 (%) |
|---|---|---|---|---|
| 12 Sep 2024 | BS24118Z | 3.10 | 3.11 | -0.01 |
| 26 Sep 2024 | BS24119S | 2.97 | 3.03 | -0.06 |
| 10 Oct 2024 | BS24120V | 3.06 | 3.00 | 0.06 |
| 24 Oct 2024 | BS24121A | 2.99 | 3.01 | -0.02 |
| 07 Nov 2024 | BS24122E | 3.04 | 2.99 | 0.05 |
| 21 Nov 2024 | BS24123F | 3.08 | 3.01 | 0.07 |
| 05 Dec 2024 | BS24124Z | 3.00 | 3.05 | -0.05 |
| 19 Dec 2024 | BS24125S | 3.02 | 3.00 | 0.02 |
| 02 Jan 2025 | BS25100E | 3.05 | 3.00 | 0.05 |
| 16 Jan 2025 | BS25101F | 2.99 | 3.03 | -0.04 |
Cut-Off Yield had been in the range of -0.06 to 0.07 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 (%) |
|---|---|---|---|---|
| 12 Sep 2024 | BS24118Z | 3.10 | 3.01 | 2.90 |
| 26 Sep 2024 | BS24119S | 2.97 | 2.85 | 2.79 |
| 10 Oct 2024 | BS24120V | 3.06 | 2.90 | 2.76 |
| 24 Oct 2024 | BS24121A | 2.99 | 2.93 | 2.84 |
| 07 Nov 2024 | BS24122E | 3.04 | 2.95 | 2.72 |
| 21 Nov 2024 | BS24123F | 3.08 | 2.95 | 2.76 |
| 05 Dec 2024 | BS24124Z | 3.00 | 2.90 | 2.73 |
| 19 Dec 2024 | BS24125S | 3.02 | 2.95 | 2.66 |
| 02 Jan 2025 | BS25100E | 3.05 | 2.90 | 2.58 |
| 16 Jan 2025 | BS25101F | 2.99 | 2.88 | 2.52 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 12 Sep 2024 | BS24118Z | $6,900,000,000 | $13,422,097,000 | 1.95 |
| 26 Sep 2024 | BS24119S | $6,800,000,000 | $13,920,478,000 | 2.05 |
| 10 Oct 2024 | BS24120V | $6,800,000,000 | $14,884,047,000 | 2.19 |
| 24 Oct 2024 | BS24121A | $6,800,000,000 | $13,526,594,000 | 1.99 |
| 07 Nov 2024 | BS24122E | $6,800,000,000 | $12,349,928,000 | 1.82 |
| 21 Nov 2024 | BS24123F | $7,000,000,000 | $13,733,283,000 | 1.96 |
| 05 Dec 2024 | BS24124Z | $7,100,000,000 | $17,428,248,000 | 2.45 |
| 19 Dec 2024 | BS24125S | $6,800,000,000 | $15,814,553,000 | 2.33 |
| 02 Jan 2025 | BS25100E | $6,900,000,000 | $13,707,498,000 | 1.99 |
| 16 Jan 2025 | BS25101F | $7,200,000,000 | $18,389,116,000 | 2.55 |
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 |
|---|---|---|---|---|---|
| 12 Sep 2024 | BS24118Z | $6,900,000,000 | $1,711,475,000 | 24.80% | 100.00% |
| 26 Sep 2024 | BS24119S | $6,800,000,000 | $1,519,371,000 | 22.34% | 100.00% |
| 10 Oct 2024 | BS24120V | $6,800,000,000 | $1,383,065,000 | 20.34% | 100.00% |
| 24 Oct 2024 | BS24121A | $6,800,000,000 | $1,449,214,000 | 21.31% | 100.00% |
| 07 Nov 2024 | BS24122E | $6,800,000,000 | $1,645,733,000 | 24.20% | 100.00% |
| 21 Nov 2024 | BS24123F | $7,000,000,000 | $2,017,130,000 | 28.82% | 100.00% |
| 05 Dec 2024 | BS24124Z | $7,100,000,000 | $2,423,021,000 | 34.13% | 100.00% |
| 19 Dec 2024 | BS24125S | $6,800,000,000 | $2,323,406,000 | 34.17% | 100.00% |
| 02 Jan 2025 | BS25100E | $6,900,000,000 | $2,236,868,000 | 32.42% | 100.00% |
| 16 Jan 2025 | BS25101F | $7,200,000,000 | $2,880,000,000 | 40.00% | 92.71% |
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