6-Month T-bill (BS25119Z) is announced today!
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6-Month T-bill BS25119Z (25 Sep 2025) Open
18 Sep 2025
6-Month T-bill BS25119Z is open for application from 18 Sep 2025. Auction will be conducted on 25 Sep 2025.
A total of $7.7B is offered for this issue, lower than that of $7.8B for the previous issue, BS25118F (11 Sep 2025).
Application typically closes on 24 Sep 2025. CPF application may close a business day earlier. Closing date and time may vary from bank to bank. Please check with your bank for the exact cut-off time.
Auction Open
- Announcement Date
- 18 Sep 2025 Notify me
- Closing Date (Typical)
- 24 Sep 2025 Remind me
- Auction Date
- 25 Sep 2025 Notify me
- Issue Date
- 30 Sep 2025
- Maturity Date
- 31 Mar 2026
- Issue Code
- BS25119Z
- ISIN Code
- SGXZ10256311
- Total Amount Offered
- $7,700,000,000
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | Code | ISIN |
|---|---|---|---|---|---|
| 02 Oct 2025 | 09 Oct 2025 | 14 Oct 2025 | 14 Apr 2026 | BS25120N | SGXZ14348890 |
| 15 Oct 2025 | 23 Oct 2025 | 28 Oct 2025 | 28 Apr 2026 | BS25121V | SGXZ81806382 |
| 30 Oct 2025 | 06 Nov 2025 | 11 Nov 2025 | 12 May 2026 | BS25122A | SGXZ92535467 |
Recent SGS Benchmark Yield
| Date | 12 Sep 2025 | 15 Sep 2025 | 16 Sep 2025 | 17 Sep 2025 | 18 Sep 2025 |
|---|---|---|---|---|---|
| 6-Month Yield (%) | 1.38 | 1.38 | 1.37 | 1.37 | 1.37 |
Source: Daily SGS Prices (MAS)
If you wish to submit a competitive bid for this issue, you need to know what is the fair rate. The 6-Month SGS benchmark yield reflects the bid rate quoted by SGS primary dealers. It provides an indication of the current market rate.
Nonetheless, the cut-off yield will be determined through an auction (ie. depends on demand). You may take hints from the statistics below and see how the cut-off yield compared with previous day benchmark yield in past auctions.
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 (%) |
|---|---|---|---|---|
| 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 |
| 17 Jul 2025 | BS25114N | 1.79 | 1.80 | -0.01 |
| 31 Jul 2025 | BS25115V | 1.77 | 1.70 | 0.07 |
| 14 Aug 2025 | BS25116A | 1.59 | 1.67 | -0.08 |
| 28 Aug 2025 | BS25117E | 1.44 | 1.54 | -0.10 |
| 11 Sep 2025 | BS25118F | 1.38 | 1.41 | -0.03 |
Cut-Off Yield had been in the range of -0.12 to 0.07 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 (%) |
|---|---|---|---|---|
| 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 |
| 17 Jul 2025 | BS25114N | 1.79 | 1.73 | 1.60 |
| 31 Jul 2025 | BS25115V | 1.77 | 1.68 | 1.60 |
| 14 Aug 2025 | BS25116A | 1.59 | 1.55 | 1.48 |
| 28 Aug 2025 | BS25117E | 1.44 | 1.39 | 1.30 |
| 11 Sep 2025 | BS25118F | 1.38 | 1.31 | 1.27 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 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 |
| 17 Jul 2025 | BS25114N | $7,600,000,000 | $15,523,840,000 | 2.04 |
| 31 Jul 2025 | BS25115V | $7,600,000,000 | $12,864,049,000 | 1.69 |
| 14 Aug 2025 | BS25116A | $7,500,000,000 | $17,912,895,000 | 2.39 |
| 28 Aug 2025 | BS25117E | $7,700,000,000 | $18,384,730,000 | 2.39 |
| 11 Sep 2025 | BS25118F | $7,800,000,000 | $15,728,418,000 | 2.02 |
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 |
|---|---|---|---|---|---|
| 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% |
| 17 Jul 2025 | BS25114N | $7,600,000,000 | $1,225,083,000 | 16.12% | 100.00% |
| 31 Jul 2025 | BS25115V | $7,600,000,000 | $1,068,647,000 | 14.06% | 100.00% |
| 14 Aug 2025 | BS25116A | $7,500,000,000 | $1,366,470,000 | 18.22% | 100.00% |
| 28 Aug 2025 | BS25117E | $7,700,000,000 | $1,183,912,000 | 15.38% | 100.00% |
| 11 Sep 2025 | BS25118F | $7,800,000,000 | $1,190,757,000 | 15.27% | 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