6-Month T-bill BS25108N (24 Apr 2025) Cut-Off Yield 2.38%
24 Apr 2025
This issue offers investors a cut-off yield of 2.38% p.a., lower than that (2.50% p.a.) of the previous issue, BS25107W (10 Apr 2025).
The total value of applications in this auction was $16.6B, representing a bid-to-cover ratio of 2.24. This is lower than the $17.2B (bid-to-cover ratio 2.32) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 2.38% get around 17.86% of the amount applied.
Auction Closed
- Announcement Date
- 16 Apr 2025 Notify me
- Auction Date
- 24 Apr 2025 Notify me
- Issue Date
- 29 Apr 2025
- Maturity Date
- 28 Oct 2025
- Issue Code
- BS25108N
- ISIN Code
- SGXZ68156801
- Cut-Off Yield
- 2.38% p.a.
- Cut-Off Price
- 98.813
- Median Yield
- 2.32% p.a.
- Median Price
- 98.843
- Average Yield
- 2.16% p.a.
- Average Price
- 98.923
- Total Amount Offered
- $7,400,000,000
- Amount Allotted to Non-Competitive Applications
- $1,354,664,000
- Total Amount Applied
- $16,592,769,000
- % of Competitive Applications at Cut-off Allotted
- 17.86%
- % of Non-Competitive Applications Allotted
- 100.00%
- Bid-to-Cover Ratio
- 2.24
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | Code | ISIN |
|---|---|---|---|---|---|
| 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 |
| 29 May 2025 | 05 Jun 2025 | 10 Jun 2025 | 09 Dec 2025 | BS25111T | SGXZ99133456 |
| 12 Jun 2025 | 19 Jun 2025 | 24 Jun 2025 | 23 Dec 2025 | BS25112X | SGXZ71255038 |
Recent SGS Benchmark Yield
| Date | 22 Apr 2025 | 23 Apr 2025 | 24 Apr 2025 | 25 Apr 2025 | 28 Apr 2025 |
|---|---|---|---|---|---|
| 6-Month Yield (%) | 2.40 | 2.39 | 2.38 | 2.38 | 2.38 |
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 (%) |
|---|---|---|---|---|
| 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 |
| 10 Apr 2025 | BS25107W | 2.50 | 2.55 | -0.05 |
| 24 Apr 2025 | BS25108N | 2.38 | 2.39 | -0.01 |
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 (%) |
|---|---|---|---|---|
| 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 |
| 10 Apr 2025 | BS25107W | 2.50 | 2.40 | 2.10 |
| 24 Apr 2025 | BS25108N | 2.38 | 2.32 | 2.16 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 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 |
| 10 Apr 2025 | BS25107W | $7,400,000,000 | $17,193,127,000 | 2.32 |
| 24 Apr 2025 | BS25108N | $7,400,000,000 | $16,592,769,000 | 2.24 |
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 |
|---|---|---|---|---|---|
| 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% |
| 10 Apr 2025 | BS25107W | $7,400,000,000 | $1,588,241,000 | 21.46% | 100.00% |
| 24 Apr 2025 | BS25108N | $7,400,000,000 | $1,354,664,000 | 18.31% | 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