6-Month T-bill (BS25106X) has been allotted today!
6-Month T-bill BS25106X (26 Mar 2025) Cut-Off Yield 2.73%
26 Mar 2025
This issue offers investors a cut-off yield of 2.73% p.a., higher than that (2.56% p.a.) of the previous issue, BS25105T (13 Mar 2025).
The total value of applications in this auction was $15.8B, representing a bid-to-cover ratio of 2.14. This is lower than the $19.8B (bid-to-cover ratio 2.64) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 2.73% get around 3.68% of the amount applied.
Auction Closed
- Announcement Date
- 19 Mar 2025 Notify me
- Auction Date
- 26 Mar 2025 Notify me
- Issue Date
- 01 Apr 2025
- Maturity Date
- 30 Sep 2025
- Issue Code
- BS25106X
- ISIN Code
- SGXZ85532927
- Cut-Off Yield
- 2.73% p.a.
- Cut-Off Price
- 98.639
- Median Yield
- 2.60% p.a.
- Median Price
- 98.704
- Average Yield
- 2.54% p.a.
- Average Price
- 98.733
- Total Amount Offered
- $7,400,000,000
- Amount Allotted to Non-Competitive Applications
- $1,400,992,000
- Total Amount Applied
- $15,801,583,000
- % of Competitive Applications at Cut-off Allotted
- 3.68%
- % of Non-Competitive Applications Allotted
- 100.00%
- Bid-to-Cover Ratio
- 2.14
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | Code | ISIN |
|---|---|---|---|---|---|
| 03 Apr 2025 | 10 Apr 2025 | 15 Apr 2025 | 14 Oct 2025 | BS25107W | SGXZ85227049 |
| 16 Apr 2025 | 24 Apr 2025 | 29 Apr 2025 | 28 Oct 2025 | BS25108N | SGXZ68156801 |
| 29 Apr 2025 | 07 May 2025 | 13 May 2025 | 11 Nov 2025 | BS25109V | SGXZ52581949 |
| 15 May 2025 | 22 May 2025 | 27 May 2025 | 25 Nov 2025 | BS25110H | SGXZ95105383 |
Recent SGS Benchmark Yield
| Date | 20 Mar 2025 | 21 Mar 2025 | 24 Mar 2025 | 25 Mar 2025 | 26 Mar 2025 |
|---|---|---|---|---|---|
| 6-Month Yield (%) | 2.57 | 2.57 | 2.57 | 2.58 | 2.69 |
Source: Daily SGS Prices (MAS)
The 6-Month 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 (%) |
|---|---|---|---|---|
| 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 |
| 28 Jan 2025 | BS25102Z | 3.04 | 2.99 | 0.05 |
| 13 Feb 2025 | BS25103S | 2.90 | 2.96 | -0.06 |
| 27 Feb 2025 | BS25104H | 2.75 | 2.86 | -0.11 |
| 13 Mar 2025 | BS25105T | 2.56 | 2.62 | -0.06 |
| 26 Mar 2025 | BS25106X | 2.73 | 2.58 | 0.15 |
Cut-Off Yield had been in the range of -0.11 to 0.15 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 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 |
| 28 Jan 2025 | BS25102Z | 3.04 | 2.97 | 2.69 |
| 13 Feb 2025 | BS25103S | 2.90 | 2.78 | 2.52 |
| 27 Feb 2025 | BS25104H | 2.75 | 2.69 | 2.36 |
| 13 Mar 2025 | BS25105T | 2.56 | 2.50 | 2.41 |
| 26 Mar 2025 | BS25106X | 2.73 | 2.60 | 2.54 |
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 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 |
| 28 Jan 2025 | BS25102Z | $7,200,000,000 | $15,324,760,000 | 2.13 |
| 13 Feb 2025 | BS25103S | $7,300,000,000 | $23,272,954,000 | 3.19 |
| 27 Feb 2025 | BS25104H | $7,500,000,000 | $20,141,032,000 | 2.69 |
| 13 Mar 2025 | BS25105T | $7,500,000,000 | $19,827,481,000 | 2.64 |
| 26 Mar 2025 | BS25106X | $7,400,000,000 | $15,801,583,000 | 2.14 |
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 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% |
| 28 Jan 2025 | BS25102Z | $7,200,000,000 | $2,261,946,000 | 31.42% | 100.00% |
| 13 Feb 2025 | BS25103S | $7,300,000,000 | $2,920,000,000 | 40.00% | 80.02% |
| 27 Feb 2025 | BS25104H | $7,500,000,000 | $2,774,410,000 | 36.99% | 100.00% |
| 13 Mar 2025 | BS25105T | $7,500,000,000 | $1,928,727,000 | 25.72% | 100.00% |
| 26 Mar 2025 | BS25106X | $7,400,000,000 | $1,400,992,000 | 18.93% | 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 (SBAPR25) has a 10-year average return of 2.85% p.a. View Details
The next SSB (SBMAY25) is projected to have a lower 10-year average return. View Projection