6-Month T-bill (BS26103Z) is announced today!
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6-Month T-bill BS26103Z (12 Feb 2026) Open
05 Feb 2026
6-Month T-bill BS26103Z is open for application from 05 Feb 2026. Auction will be conducted on 12 Feb 2026.
A total of $8.2B is offered for this issue, higher than that of $8.1B for the previous issue, BS26102F (29 Jan 2026).
Application typically closes on 11 Feb 2026. 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
- 05 Feb 2026 Notify me
- Closing Date (Typical)
- 11 Feb 2026 Remind me
- Auction Date
- 12 Feb 2026 Notify me
- Issue Date
- 19 Feb 2026
- Maturity Date
- 18 Aug 2026
- Issue Code
- BS26103Z
- ISIN Code
- SGXZ41539966
- Total Amount Offered
- $8,200,000,000
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | Code | ISIN |
|---|---|---|---|---|---|
| 19 Feb 2026 | 26 Feb 2026 | 03 Mar 2026 | 01 Sep 2026 | BS26104S | SGXZ67039040 |
| 05 Mar 2026 | 12 Mar 2026 | 17 Mar 2026 | 15 Sep 2026 | BS26105H | SGXZ59983908 |
| 19 Mar 2026 | 26 Mar 2026 | 31 Mar 2026 | 29 Sep 2026 | BS26106T | SGXZ80418064 |
Recent SGS Benchmark Yield
| Date | 30 Jan 2026 | 02 Feb 2026 | 03 Feb 2026 | 04 Feb 2026 | 05 Feb 2026 |
|---|---|---|---|---|---|
| 6-Month Yield (%) | 1.36 | 1.35 | 1.35 | 1.35 | 1.35 |
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 (%) |
|---|---|---|---|---|
| 25 Sep 2025 | BS25119Z | 1.44 | 1.37 | 0.07 |
| 09 Oct 2025 | BS25120N | 1.44 | 1.40 | 0.04 |
| 23 Oct 2025 | BS25121V | 1.41 | 1.38 | 0.03 |
| 06 Nov 2025 | BS25122A | 1.37 | 1.38 | -0.01 |
| 20 Nov 2025 | BS25123E | 1.39 | 1.33 | 0.06 |
| 04 Dec 2025 | BS25124F | 1.41 | 1.37 | 0.04 |
| 18 Dec 2025 | BS25125Z | 1.48 | 1.39 | 0.09 |
| 31 Dec 2025 | BS26100A | 1.60 | 1.45 | 0.15 |
| 15 Jan 2026 | BS26101E | 1.39 | 1.40 | -0.01 |
| 29 Jan 2026 | BS26102F | 1.37 | 1.36 | 0.01 |
Cut-Off Yield had been in the range of -0.01 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 (%) |
|---|---|---|---|---|
| 25 Sep 2025 | BS25119Z | 1.44 | 1.33 | 1.23 |
| 09 Oct 2025 | BS25120N | 1.44 | 1.38 | 1.29 |
| 23 Oct 2025 | BS25121V | 1.41 | 1.35 | 1.29 |
| 06 Nov 2025 | BS25122A | 1.37 | 1.30 | 1.14 |
| 20 Nov 2025 | BS25123E | 1.39 | 1.34 | 1.22 |
| 04 Dec 2025 | BS25124F | 1.41 | 1.36 | 1.22 |
| 18 Dec 2025 | BS25125Z | 1.48 | 1.37 | 1.27 |
| 31 Dec 2025 | BS26100A | 1.60 | 1.48 | 1.37 |
| 15 Jan 2026 | BS26101E | 1.39 | 1.35 | 1.19 |
| 29 Jan 2026 | BS26102F | 1.37 | 1.32 | 1.26 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 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 |
| 23 Oct 2025 | BS25121V | $7,900,000,000 | $15,850,556,000 | 2.01 |
| 06 Nov 2025 | BS25122A | $8,000,000,000 | $18,608,988,000 | 2.33 |
| 20 Nov 2025 | BS25123E | $8,000,000,000 | $16,877,758,000 | 2.11 |
| 04 Dec 2025 | BS25124F | $8,000,000,000 | $16,252,759,000 | 2.03 |
| 18 Dec 2025 | BS25125Z | $7,900,000,000 | $14,880,055,000 | 1.88 |
| 31 Dec 2025 | BS26100A | $7,800,000,000 | $14,815,396,000 | 1.90 |
| 15 Jan 2026 | BS26101E | $7,900,000,000 | $19,155,450,000 | 2.42 |
| 29 Jan 2026 | BS26102F | $8,100,000,000 | $16,410,398,000 | 2.03 |
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 |
|---|---|---|---|---|---|
| 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% |
| 23 Oct 2025 | BS25121V | $7,900,000,000 | $1,121,150,000 | 14.19% | 100.00% |
| 06 Nov 2025 | BS25122A | $8,000,000,000 | $1,267,400,000 | 15.84% | 100.00% |
| 20 Nov 2025 | BS25123E | $8,000,000,000 | $1,113,766,000 | 13.92% | 100.00% |
| 04 Dec 2025 | BS25124F | $8,000,000,000 | $1,301,890,000 | 16.27% | 100.00% |
| 18 Dec 2025 | BS25125Z | $7,900,000,000 | $1,357,188,000 | 17.18% | 100.00% |
| 31 Dec 2025 | BS26100A | $7,800,000,000 | $1,306,996,000 | 16.76% | 100.00% |
| 15 Jan 2026 | BS26101E | $7,900,000,000 | $1,783,047,000 | 22.57% | 100.00% |
| 29 Jan 2026 | BS26102F | $8,100,000,000 | $1,134,233,000 | 14.00% | 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 (SBMAR26) has a 10-year average return of 2.16% p.a. View Details
The next SSB (SBAPR26) is projected to have a lower 10-year average return. View Projection