1-Year T-bill BY25102X (24 Jul 2025) Cut-Off Yield 1.68%
24 Jul 2025
This issue offers investors a cut-off yield of 1.68% p.a., lower than that (2.29% p.a.) of the previous issue, BY25101T (16 Apr 2025).
The total value of applications in this auction was $11.3B, representing a bid-to-cover ratio of 2.05. This is higher than the $11.2B (bid-to-cover ratio 2.11) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 1.68% get around 32.04% of the amount applied.
Auction Closed
- Announcement Date
- 17 Jul 2025 Notify me
- Auction Date
- 24 Jul 2025 Notify me
- Issue Date
- 29 Jul 2025
- Maturity Date
- 28 Jul 2026
- Issue Code
- BY25102X
- ISIN Code
- SGXZ97057780
- Cut-Off Yield
- 1.68% p.a.
- Cut-Off Price
- 98.325
- Median Yield
- 1.60% p.a.
- Median Price
- 98.404
- Average Yield
- 1.44% p.a.
- Average Price
- 98.564
- Total Amount Offered
- $5,500,000,000
- Amount Allotted to Non-Competitive Applications
- $476,962,000
- Total Amount Applied
- $11,260,267,000
- % of Competitive Applications at Cut-off Allotted
- 32.04%
- % of Non-Competitive Applications Allotted
- 100.00%
- Bid-to-Cover Ratio
- 2.05
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | Code | ISIN |
|---|---|---|---|---|---|
| 08 Oct 2025 | 15 Oct 2025 | 21 Oct 2025 | 20 Oct 2026 | BY25103W | SGXZ34147660 |
Recent SGS Benchmark Yield
| Date | 27 Aug 2025 | 28 Aug 2025 | 29 Aug 2025 | 01 Sep 2025 | 02 Sep 2025 |
|---|---|---|---|---|---|
| 1-Year Yield (%) | 1.54 | 1.50 | 1.49 | 1.48 | 1.45 |
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 (%) |
|---|---|---|---|---|
| 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 |
| 16 Apr 2025 | BY25101T | 2.29 | 2.36 | -0.07 |
| 24 Jul 2025 | BY25102X | 1.68 | 1.71 | -0.03 |
Cut-Off Yield had been in the range of -0.31 to 0.14 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 (%) |
|---|---|---|---|---|
| 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 |
| 16 Apr 2025 | BY25101T | 2.29 | 2.13 | 2.11 |
| 24 Jul 2025 | BY25102X | 1.68 | 1.60 | 1.44 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 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 |
| 16 Apr 2025 | BY25101T | $5,300,000,000 | $11,183,372,000 | 2.11 |
| 24 Jul 2025 | BY25102X | $5,500,000,000 | $11,260,267,000 | 2.05 |
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 |
|---|---|---|---|---|---|
| 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% |
| 16 Apr 2025 | BY25101T | $5,300,000,000 | $473,309,000 | 8.93% | 100.00% |
| 24 Jul 2025 | BY25102X | $5,500,000,000 | $476,962,000 | 8.67% | 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 (SBOCT25) has a 10-year average return of 1.93% p.a. View Details
The next SSB (SBNOV25) is projected to have a lower 10-year average return. View Projection