1-Year T-bill BY26101H (16 Apr 2026) Cut-Off Yield 1.46%
16 Apr 2026
This issue offers investors a cut-off yield of 1.46% p.a., higher than that (1.44% p.a.) of the previous issue, BY26100S (22 Jan 2026).
The total value of applications in this auction was $12.4B, representing a bid-to-cover ratio of 2.06. This is higher than the $12.1B (bid-to-cover ratio 1.99) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 1.46% get around 54.71% of the amount applied.
Auction Closed
- Announcement Date
- 09 Apr 2026 Notify me
- Auction Date
- 16 Apr 2026 Notify me
- Issue Date
- 21 Apr 2026
- Maturity Date
- 20 Apr 2027
- Issue Code
- BY26101H
- ISIN Code
- SGXZ85431724
- Cut-Off Yield
- 1.46% p.a.
- Cut-Off Price
- 98.544
- Median Yield
- 1.38% p.a.
- Median Price
- 98.624
- Average Yield
- 1.31% p.a.
- Average Price
- 98.694
- Total Amount Offered
- $6,000,000,000
- Amount Allotted to Non-Competitive Applications
- $490,928,000
- Total Amount Applied
- $12,359,190,000
- % of Competitive Applications at Cut-off Allotted
- 54.71%
- % of Non-Competitive Applications Allotted
- 100.00%
- Bid-to-Cover Ratio
- 2.06
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | Code | ISIN |
|---|---|---|---|---|---|
| 16 Jul 2026 | 23 Jul 2026 | 28 Jul 2026 | 27 Jul 2027 | BY26102T | SGXZ35265123 |
Recent SGS Benchmark Yield
| Date | 18 May 2026 | 19 May 2026 | 20 May 2026 | 21 May 2026 | 22 May 2026 |
|---|---|---|---|---|---|
| 1-Year Yield (%) | 1.47 | 1.47 | 1.47 | 1.47 | 1.47 |
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 (%) |
|---|---|---|---|---|
| 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 |
| 15 Oct 2025 | BY25103W | 1.35 | 1.35 | 0.00 |
| 22 Jan 2026 | BY26100S | 1.44 | 1.36 | 0.08 |
| 16 Apr 2026 | BY26101H | 1.46 | 1.46 | 0.00 |
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 (%) |
|---|---|---|---|---|
| 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 |
| 15 Oct 2025 | BY25103W | 1.35 | 1.20 | 1.16 |
| 22 Jan 2026 | BY26100S | 1.44 | 1.33 | 1.27 |
| 16 Apr 2026 | BY26101H | 1.46 | 1.38 | 1.31 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 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 |
| 15 Oct 2025 | BY25103W | $5,800,000,000 | $13,114,427,000 | 2.26 |
| 22 Jan 2026 | BY26100S | $6,100,000,000 | $12,146,028,000 | 1.99 |
| 16 Apr 2026 | BY26101H | $6,000,000,000 | $12,359,190,000 | 2.06 |
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 |
|---|---|---|---|---|---|
| 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% |
| 15 Oct 2025 | BY25103W | $5,800,000,000 | $361,676,000 | 6.24% | 100.00% |
| 22 Jan 2026 | BY26100S | $6,100,000,000 | $417,176,000 | 6.84% | 100.00% |
| 16 Apr 2026 | BY26101H | $6,000,000,000 | $490,928,000 | 8.18% | 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 (SBJUN26) has a 10-year average return of 2.11% p.a. View Details
The next SSB (SBJUL26) is projected to have a higher 10-year average return. View Projection