6-Month T-bill BS25107W (10 Apr 2025) Open
03 Apr 2025
6-Month T-bill BS25107W is open for application from 03 Apr 2025. Auction will be conducted on 10 Apr 2025.
A total of $7.4B is offered for this issue, the same as that for the previous issue, BS25106X (26 Mar 2025).
Application typically closes on 09 Apr 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
- 03 Apr 2025 Notify me
- Closing Date (Typical)
- 09 Apr 2025 Remind me
- Auction Date
- 10 Apr 2025 Notify me
- Issue Date
- 15 Apr 2025
- Maturity Date
- 14 Oct 2025
- Issue Code
- BS25107W
- ISIN Code
- SGXZ85227049
- Total Amount Offered
- $7,400,000,000
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | Code | ISIN |
|---|---|---|---|---|---|
| 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 | 28 Mar 2025 | 01 Apr 2025 | 02 Apr 2025 | 03 Apr 2025 | 04 Apr 2025 |
|---|---|---|---|---|---|
| 6-Month Yield (%) | 2.65 | 2.61 | 2.58 | 2.57 | 2.56 |
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 (%) |
|---|---|---|---|---|
| 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 (SBMAY25) has a 10-year average return of 2.69% p.a. View Details
The next SSB (SBJUN25) is projected to have a lower 10-year average return. View Projection