6-Month T-bill BS26103Z (12 Feb 2026) Cut-Off Yield 1.36%
12 Feb 2026
This issue offers investors a cut-off yield of 1.36% p.a., lower than that (1.37% p.a.) of the previous issue, BS26102F (29 Jan 2026).
The total value of applications in this auction was $16.6B, representing a bid-to-cover ratio of 2.02. This is higher than the $16.4B (bid-to-cover ratio 2.03) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 1.36% get around 63.38% of the amount applied.
Auction Closed
- Announcement Date
- 05 Feb 2026 Notify me
- Auction Date
- 12 Feb 2026 Notify me
- Issue Date
- 19 Feb 2026
- Maturity Date
- 18 Aug 2026
- Issue Code
- BS26103Z
- ISIN Code
- SGXZ41539966
- Cut-Off Yield
- 1.36% p.a.
- Cut-Off Price
- 99.329
- Median Yield
- 1.31% p.a.
- Median Price
- 99.354
- Average Yield
- 1.23% p.a.
- Average Price
- 99.393
- Total Amount Offered
- $8,200,000,000
- Amount Allotted to Non-Competitive Applications
- $1,202,979,000
- Total Amount Applied
- $16,596,305,000
- % of Competitive Applications at Cut-off Allotted
- 63.38%
- % of Non-Competitive Applications Allotted
- 100.00%
- Bid-to-Cover Ratio
- 2.02
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 |
| 01 Apr 2026 | 09 Apr 2026 | 14 Apr 2026 | 13 Oct 2026 | BS26107X | SGXZ11188257 |
Recent SGS Benchmark Yield
| Date | 10 Feb 2026 | 11 Feb 2026 | 12 Feb 2026 | 13 Feb 2026 | 16 Feb 2026 |
|---|---|---|---|---|---|
| 6-Month Yield (%) | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 |
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 (%) |
|---|---|---|---|---|
| 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 |
| 12 Feb 2026 | BS26103Z | 1.36 | 1.35 | 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 (%) |
|---|---|---|---|---|
| 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 |
| 12 Feb 2026 | BS26103Z | 1.36 | 1.31 | 1.23 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 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 |
| 12 Feb 2026 | BS26103Z | $8,200,000,000 | $16,596,305,000 | 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 |
|---|---|---|---|---|---|
| 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% |
| 12 Feb 2026 | BS26103Z | $8,200,000,000 | $1,202,979,000 | 14.67% | 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