6-Month T-bill BS26109N (07 May 2026) Cut-Off Yield 1.40%
07 May 2026
This issue offers investors a cut-off yield of 1.40% p.a., the same as that of the previous issue, BS26108W (23 Apr 2026).
The total value of applications in this auction was $17.5B, representing a bid-to-cover ratio of 2.05. This is lower than the $19.2B (bid-to-cover ratio 2.29) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 1.40% get around 39.66% of the amount applied.
Auction Closed
- Announcement Date
- 29 Apr 2026 Notify me
- Auction Date
- 07 May 2026 Notify me
- Issue Date
- 12 May 2026
- Maturity Date
- 10 Nov 2026
- Issue Code
- BS26109N
- ISIN Code
- SGXZ76155910
- Cut-Off Yield
- 1.40% p.a.
- Cut-Off Price
- 99.302
- Median Yield
- 1.34% p.a.
- Median Price
- 99.332
- Average Yield
- 1.25% p.a.
- Average Price
- 99.377
- Total Amount Offered
- $8,500,000,000
- Amount Allotted to Non-Competitive Applications
- $1,412,575,000
- Total Amount Applied
- $17,465,037,000
- % of Competitive Applications at Cut-off Allotted
- 39.66%
- % of Non-Competitive Applications Allotted
- 100.00%
- Bid-to-Cover Ratio
- 2.05
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | Code | ISIN |
|---|---|---|---|---|---|
| 14 May 2026 | 21 May 2026 | 26 May 2026 | 24 Nov 2026 | BS26110S | SGXZ28747210 |
| 26 May 2026 | 04 Jun 2026 | 09 Jun 2026 | 08 Dec 2026 | BS26111H | SGXZ50897446 |
| 11 Jun 2026 | 18 Jun 2026 | 23 Jun 2026 | 22 Dec 2026 | BS26112T | SGXZ39729769 |
| 25 Jun 2026 | 02 Jul 2026 | 07 Jul 2026 | 05 Jan 2027 | BS26113X | SGXZ26979153 |
Recent SGS Benchmark Yield
| Date | 07 May 2026 | 08 May 2026 | 11 May 2026 | 12 May 2026 | 13 May 2026 |
|---|---|---|---|---|---|
| 6-Month Yield (%) | 1.40 | 1.40 | 1.40 | 1.40 | 1.40 |
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 (%) |
|---|---|---|---|---|
| 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 |
| 26 Feb 2026 | BS26104S | 1.36 | 1.34 | 0.02 |
| 12 Mar 2026 | BS26105H | 1.37 | 1.35 | 0.02 |
| 26 Mar 2026 | BS26106T | 1.46 | 1.37 | 0.09 |
| 09 Apr 2026 | BS26107X | 1.47 | 1.38 | 0.09 |
| 23 Apr 2026 | BS26108W | 1.40 | 1.44 | -0.04 |
| 07 May 2026 | BS26109N | 1.40 | 1.40 | 0.00 |
Cut-Off Yield had been in the range of -0.04 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 (%) |
|---|---|---|---|---|
| 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 |
| 26 Feb 2026 | BS26104S | 1.36 | 1.32 | 1.25 |
| 12 Mar 2026 | BS26105H | 1.37 | 1.29 | 1.23 |
| 26 Mar 2026 | BS26106T | 1.46 | 1.39 | 1.30 |
| 09 Apr 2026 | BS26107X | 1.47 | 1.41 | 1.35 |
| 23 Apr 2026 | BS26108W | 1.40 | 1.37 | 1.30 |
| 07 May 2026 | BS26109N | 1.40 | 1.34 | 1.25 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 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 |
| 26 Feb 2026 | BS26104S | $8,200,000,000 | $17,554,774,000 | 2.14 |
| 12 Mar 2026 | BS26105H | $8,300,000,000 | $17,276,754,000 | 2.08 |
| 26 Mar 2026 | BS26106T | $8,200,000,000 | $16,384,835,000 | 2.00 |
| 09 Apr 2026 | BS26107X | $8,400,000,000 | $14,590,434,000 | 1.74 |
| 23 Apr 2026 | BS26108W | $8,400,000,000 | $19,232,187,000 | 2.29 |
| 07 May 2026 | BS26109N | $8,500,000,000 | $17,465,037,000 | 2.05 |
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 |
|---|---|---|---|---|---|
| 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% |
| 26 Feb 2026 | BS26104S | $8,200,000,000 | $1,154,540,000 | 14.08% | 100.00% |
| 12 Mar 2026 | BS26105H | $8,300,000,000 | $1,169,571,000 | 14.09% | 100.00% |
| 26 Mar 2026 | BS26106T | $8,200,000,000 | $1,324,099,000 | 16.15% | 100.00% |
| 09 Apr 2026 | BS26107X | $8,400,000,000 | $1,339,159,000 | 15.94% | 100.00% |
| 23 Apr 2026 | BS26108W | $8,400,000,000 | $1,269,662,000 | 15.12% | 100.00% |
| 07 May 2026 | BS26109N | $8,500,000,000 | $1,412,575,000 | 16.62% | 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 (SBJUN26) has a 10-year average return of 2.11% p.a. View Details
The next SSB (SBJUL26) is projected to have a lower 10-year average return. View Projection