6-Month T-bill BS25121V (23 Oct 2025) Open
15 Oct 2025
6-Month T-bill BS25121V is open for application from 15 Oct 2025. Auction will be conducted on 23 Oct 2025.
A total of $7.9B is offered for this issue, higher than that of $7.8B for the previous issue, BS25120N (09 Oct 2025).
Application typically closes on 22 Oct 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
- 15 Oct 2025 Notify me
- Closing Date (Typical)
- 22 Oct 2025 Remind me
- Auction Date
- 23 Oct 2025 Notify me
- Issue Date
- 28 Oct 2025
- Maturity Date
- 28 Apr 2026
- Issue Code
- BS25121V
- ISIN Code
- SGXZ81806382
- Total Amount Offered
- $7,900,000,000
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | Code | ISIN |
|---|---|---|---|---|---|
| 30 Oct 2025 | 06 Nov 2025 | 11 Nov 2025 | 12 May 2026 | BS25122A | SGXZ92535467 |
| 13 Nov 2025 | 20 Nov 2025 | 25 Nov 2025 | 26 May 2026 | BS25123E | SGXZ46389284 |
| 27 Nov 2025 | 04 Dec 2025 | 09 Dec 2025 | 09 Jun 2026 | BS25124F | SGXZ55213599 |
Recent SGS Benchmark Yield
| Date | 09 Oct 2025 | 10 Oct 2025 | 13 Oct 2025 | 14 Oct 2025 | 15 Oct 2025 |
|---|---|---|---|---|---|
| 6-Month Yield (%) | 1.43 | 1.42 | 1.41 | 1.41 | 1.40 |
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 (%) |
|---|---|---|---|---|
| 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 |
| 25 Sep 2025 | BS25119Z | 1.44 | 1.37 | 0.07 |
| 09 Oct 2025 | BS25120N | 1.44 | 1.40 | 0.04 |
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 (%) |
|---|---|---|---|---|
| 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 |
| 25 Sep 2025 | BS25119Z | 1.44 | 1.33 | 1.23 |
| 09 Oct 2025 | BS25120N | 1.44 | 1.38 | 1.29 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 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 |
| 25 Sep 2025 | BS25119Z | $7,700,000,000 | $13,450,686,000 | 1.75 |
| 09 Oct 2025 | BS25120N | $7,800,000,000 | $14,809,877,000 | 1.90 |
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 |
|---|---|---|---|---|---|
| 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% |
| 25 Sep 2025 | BS25119Z | $7,700,000,000 | $903,512,000 | 11.73% | 100.00% |
| 09 Oct 2025 | BS25120N | $7,800,000,000 | $1,167,035,000 | 14.96% | 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 (SBNOV25) has a 10-year average return of 1.83% p.a. View Details
The next SSB (SBDEC25) is projected to have a higher 10-year average return. View Projection