6-Month T-bill BS25113W (03 Jul 2025) Cut-Off Yield 1.85%
03 Jul 2025
This issue offers investors a cut-off yield of 1.85% p.a., lower than that (2.00% p.a.) of the previous issue, BS25112X (19 Jun 2025).
The total value of applications in this auction was $16.1B, representing a bid-to-cover ratio of 2.15. This is higher than the $15.9B (bid-to-cover ratio 2.13) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 1.85% get around 41.35% of the amount applied.
Auction Closed
- Announcement Date
- 26 Jun 2025 Notify me
- Auction Date
- 03 Jul 2025 Notify me
- Issue Date
- 08 Jul 2025
- Maturity Date
- 06 Jan 2026
- Issue Code
- BS25113W
- ISIN Code
- SGXZ89298723
- Cut-Off Yield
- 1.85% p.a.
- Cut-Off Price
- 99.078
- Median Yield
- 1.76% p.a.
- Median Price
- 99.122
- Average Yield
- 1.64% p.a.
- Average Price
- 99.182
- Total Amount Offered
- $7,500,000,000
- Amount Allotted to Non-Competitive Applications
- $1,462,410,000
- Total Amount Applied
- $16,143,094,000
- % of Competitive Applications at Cut-off Allotted
- 41.35%
- % of Non-Competitive Applications Allotted
- 100.00%
- Bid-to-Cover Ratio
- 2.15
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | Code | ISIN |
|---|---|---|---|---|---|
| 10 Jul 2025 | 17 Jul 2025 | 22 Jul 2025 | 20 Jan 2026 | BS25114N | SGXZ64378292 |
| 24 Jul 2025 | 31 Jul 2025 | 05 Aug 2025 | 03 Feb 2026 | BS25115V | SGXZ18992552 |
| 07 Aug 2025 | 14 Aug 2025 | 19 Aug 2025 | 17 Feb 2026 | BS25116A | SGXZ36919934 |
| 21 Aug 2025 | 28 Aug 2025 | 02 Sep 2025 | 03 Mar 2026 | BS25117E | SGXZ42067843 |
Recent SGS Benchmark Yield
| Date | 02 Jul 2025 | 03 Jul 2025 | 04 Jul 2025 | 07 Jul 2025 | 08 Jul 2025 |
|---|---|---|---|---|---|
| 6-Month Yield (%) | 1.90 | 1.86 | 1.85 | 1.85 | 1.82 |
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 (%) |
|---|---|---|---|---|
| 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 |
| 07 May 2025 | BS25109V | 2.30 | 2.35 | -0.05 |
| 22 May 2025 | BS25110H | 2.20 | 2.29 | -0.09 |
| 05 Jun 2025 | BS25111T | 2.05 | 2.17 | -0.12 |
| 19 Jun 2025 | BS25112X | 2.00 | 2.02 | -0.02 |
| 03 Jul 2025 | BS25113W | 1.85 | 1.90 | -0.05 |
Cut-Off Yield had been in the range of -0.12 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 (%) |
|---|---|---|---|---|
| 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 |
| 07 May 2025 | BS25109V | 2.30 | 2.24 | 2.09 |
| 22 May 2025 | BS25110H | 2.20 | 2.18 | 2.07 |
| 05 Jun 2025 | BS25111T | 2.05 | 1.99 | 1.90 |
| 19 Jun 2025 | BS25112X | 2.00 | 1.95 | 1.88 |
| 03 Jul 2025 | BS25113W | 1.85 | 1.76 | 1.64 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 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 |
| 07 May 2025 | BS25109V | $7,400,000,000 | $17,142,695,000 | 2.32 |
| 22 May 2025 | BS25110H | $7,500,000,000 | $18,077,223,000 | 2.41 |
| 05 Jun 2025 | BS25111T | $7,600,000,000 | $17,859,498,000 | 2.35 |
| 19 Jun 2025 | BS25112X | $7,500,000,000 | $15,946,778,000 | 2.13 |
| 03 Jul 2025 | BS25113W | $7,500,000,000 | $16,143,094,000 | 2.15 |
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 |
|---|---|---|---|---|---|
| 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% |
| 07 May 2025 | BS25109V | $7,400,000,000 | $1,505,188,000 | 20.34% | 100.00% |
| 22 May 2025 | BS25110H | $7,500,000,000 | $1,517,247,000 | 20.23% | 100.00% |
| 05 Jun 2025 | BS25111T | $7,600,000,000 | $1,529,580,000 | 20.13% | 100.00% |
| 19 Jun 2025 | BS25112X | $7,500,000,000 | $1,349,485,000 | 17.99% | 100.00% |
| 03 Jul 2025 | BS25113W | $7,500,000,000 | $1,462,410,000 | 19.50% | 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 (SBAUG25) has a 10-year average return of 2.29% p.a. View Details
The next SSB (SBSEP25) is projected to have a lower 10-year average return. View Projection