6-Month T-bill BS25113W (03 Jul 2025) Cut-Off Yield 1.85%

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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

View Past Auctions

Upcoming Auctions

AnnouncementAuctionIssueMaturityCodeISIN
10 Jul 202517 Jul 202522 Jul 202520 Jan 2026BS25114NSGXZ64378292
24 Jul 202531 Jul 202505 Aug 202503 Feb 2026BS25115VSGXZ18992552
07 Aug 202514 Aug 202519 Aug 202517 Feb 2026BS25116ASGXZ36919934
21 Aug 202528 Aug 202502 Sep 202503 Mar 2026BS25117ESGXZ42067843

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Recent SGS Benchmark Yield

Date02 Jul 202503 Jul 202504 Jul 202507 Jul 202508 Jul 2025
6-Month Yield (%)1.901.861.851.851.82

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 DateIssue CodeCut-Off Yield (%)Previous Day Benchmark Yield (%)Difference (%)
27 Feb 2025BS25104H2.752.86-0.11
13 Mar 2025BS25105T2.562.62-0.06
26 Mar 2025BS25106X2.732.580.15
10 Apr 2025BS25107W2.502.55-0.05
24 Apr 2025BS25108N2.382.39-0.01
07 May 2025BS25109V2.302.35-0.05
22 May 2025BS25110H2.202.29-0.09
05 Jun 2025BS25111T2.052.17-0.12
19 Jun 2025BS25112X2.002.02-0.02
03 Jul 2025BS25113W1.851.90-0.05

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 DateIssue CodeCut-Off Yield (%)Median Yield (%)Average Yield (%)
27 Feb 2025BS25104H2.752.692.36
13 Mar 2025BS25105T2.562.502.41
26 Mar 2025BS25106X2.732.602.54
10 Apr 2025BS25107W2.502.402.10
24 Apr 2025BS25108N2.382.322.16
07 May 2025BS25109V2.302.242.09
22 May 2025BS25110H2.202.182.07
05 Jun 2025BS25111T2.051.991.90
19 Jun 2025BS25112X2.001.951.88
03 Jul 2025BS25113W1.851.761.64

Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio

Auction DateIssue CodeTotal Amount OfferedTotal Amount AppliedBid-to-Cover Ratio
27 Feb 2025BS25104H$7,500,000,000$20,141,032,0002.69
13 Mar 2025BS25105T$7,500,000,000$19,827,481,0002.64
26 Mar 2025BS25106X$7,400,000,000$15,801,583,0002.14
10 Apr 2025BS25107W$7,400,000,000$17,193,127,0002.32
24 Apr 2025BS25108N$7,400,000,000$16,592,769,0002.24
07 May 2025BS25109V$7,400,000,000$17,142,695,0002.32
22 May 2025BS25110H$7,500,000,000$18,077,223,0002.41
05 Jun 2025BS25111T$7,600,000,000$17,859,498,0002.35
19 Jun 2025BS25112X$7,500,000,000$15,946,778,0002.13
03 Jul 2025BS25113W$7,500,000,000$16,143,094,0002.15

Total Amount Allotted, Amount (%) Allotted to Non-Competitive Applications

Auction DateIssue CodeTotal Amount AllottedAmount Allotted to Non-Competitive Applications% Allotted to Non-Competitive Applications% of Non-Competitive Applications Allotted
27 Feb 2025BS25104H$7,500,000,000$2,774,410,00036.99%100.00%
13 Mar 2025BS25105T$7,500,000,000$1,928,727,00025.72%100.00%
26 Mar 2025BS25106X$7,400,000,000$1,400,992,00018.93%100.00%
10 Apr 2025BS25107W$7,400,000,000$1,588,241,00021.46%100.00%
24 Apr 2025BS25108N$7,400,000,000$1,354,664,00018.31%100.00%
07 May 2025BS25109V$7,400,000,000$1,505,188,00020.34%100.00%
22 May 2025BS25110H$7,500,000,000$1,517,247,00020.23%100.00%
05 Jun 2025BS25111T$7,600,000,000$1,529,580,00020.13%100.00%
19 Jun 2025BS25112X$7,500,000,000$1,349,485,00017.99%100.00%
03 Jul 2025BS25113W$7,500,000,000$1,462,410,00019.50%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%.

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