6-Month T-bill BS26121N (22 Oct 2026) Open
15 Oct 2026
6-Month T-bill BS26121N is open for application from 15 Oct 2026. Auction will be conducted on 22 Oct 2026.
A total of $8.6B is offered for this issue, higher than that of $8.3B for the previous issue, BS26120W (08 Oct 2026).
Application typically closes on 21 Oct 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
- 15 Oct 2026 Notify me
- Closing Date (Typical)
- 21 Oct 2026 Remind me
- Auction Date
- 22 Oct 2026 Notify me
- Issue Date
- 27 Oct 2026
- Maturity Date
- 27 Apr 2027
- Issue Code
- BS26121N
- ISIN Code
- SGXZ13334792
- Total Amount Offered
- $8,600,000,000
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | Code | ISIN |
|---|---|---|---|---|---|
| 28 Oct 2026 | 04 Nov 2026 | 10 Nov 2026 | 11 May 2027 | BS26122V | SGXZ26923052 |
| 12 Nov 2026 | 19 Nov 2026 | 24 Nov 2026 | 25 May 2027 | BS26123A | SGXZ31713605 |
| 26 Nov 2026 | 03 Dec 2026 | 08 Dec 2026 | 08 Jun 2027 | BS26124E | SGXZ29534104 |
Recent SGS Benchmark Yield
| Date | 09 Oct 2026 | 12 Oct 2026 | 13 Oct 2026 | 14 Oct 2026 | 15 Oct 2026 |
|---|---|---|---|---|---|
| 6-Month Yield (%) | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 |
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 (%) |
|---|---|---|---|---|
| 04 Jun 2026 | BS26111H | 1.48 | 1.40 | 0.08 |
| 18 Jun 2026 | BS26112T | 1.47 | 1.45 | 0.02 |
| 02 Jul 2026 | BS26113X | 1.50 | 1.46 | 0.04 |
| 16 Jul 2026 | BS26114W | 1.55 | 1.49 | 0.06 |
| 30 Jul 2026 | BS26115N | 1.59 | 1.52 | 0.07 |
| 13 Aug 2026 | BS26116V | 1.56 | 1.55 | 0.01 |
| 27 Aug 2026 | BS26117A | 1.60 | 1.55 | 0.05 |
| 10 Sep 2026 | BS26118E | 1.70 | 1.57 | 0.13 |
| 24 Sep 2026 | BS26119F | 1.92 | 1.68 | 0.24 |
| 08 Oct 2026 | BS26120W | 1.90 | 1.87 | 0.03 |
Cut-Off Yield had been in the range of 0.01 to 0.24 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 (%) |
|---|---|---|---|---|
| 04 Jun 2026 | BS26111H | 1.48 | 1.41 | 1.32 |
| 18 Jun 2026 | BS26112T | 1.47 | 1.43 | 1.32 |
| 02 Jul 2026 | BS26113X | 1.50 | 1.45 | 1.38 |
| 16 Jul 2026 | BS26114W | 1.55 | 1.49 | 1.44 |
| 30 Jul 2026 | BS26115N | 1.59 | 1.51 | 1.47 |
| 13 Aug 2026 | BS26116V | 1.56 | 1.52 | 1.47 |
| 27 Aug 2026 | BS26117A | 1.60 | 1.55 | 1.48 |
| 10 Sep 2026 | BS26118E | 1.70 | 1.63 | 1.56 |
| 24 Sep 2026 | BS26119F | 1.92 | 1.79 | 1.69 |
| 08 Oct 2026 | BS26120W | 1.90 | 1.86 | 1.76 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 04 Jun 2026 | BS26111H | $8,500,000,000 | $14,076,744,000 | 1.66 |
| 18 Jun 2026 | BS26112T | $8,200,000,000 | $19,358,320,000 | 2.36 |
| 02 Jul 2026 | BS26113X | $8,700,000,000 | $17,380,087,000 | 2.00 |
| 16 Jul 2026 | BS26114W | $8,800,000,000 | $16,023,915,000 | 1.82 |
| 30 Jul 2026 | BS26115N | $8,600,000,000 | $18,122,967,000 | 2.11 |
| 13 Aug 2026 | BS26116V | $8,700,000,000 | $18,543,679,000 | 2.13 |
| 27 Aug 2026 | BS26117A | $8,700,000,000 | $16,790,792,000 | 1.93 |
| 10 Sep 2026 | BS26118E | $8,400,000,000 | $16,577,272,000 | 1.97 |
| 24 Sep 2026 | BS26119F | $8,400,000,000 | $15,797,552,000 | 1.88 |
| 08 Oct 2026 | BS26120W | $8,300,000,000 | $17,787,571,000 | 2.14 |
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 |
|---|---|---|---|---|---|
| 04 Jun 2026 | BS26111H | $8,500,000,000 | $1,463,841,000 | 17.22% | 100.00% |
| 18 Jun 2026 | BS26112T | $8,200,000,000 | $1,508,178,000 | 18.39% | 100.00% |
| 02 Jul 2026 | BS26113X | $8,700,000,000 | $1,519,917,000 | 17.47% | 100.00% |
| 16 Jul 2026 | BS26114W | $8,800,000,000 | $1,544,193,000 | 17.55% | 100.00% |
| 30 Jul 2026 | BS26115N | $8,600,000,000 | $1,698,019,000 | 19.74% | 100.00% |
| 13 Aug 2026 | BS26116V | $8,700,000,000 | $1,593,345,000 | 18.31% | 100.00% |
| 27 Aug 2026 | BS26117A | $8,700,000,000 | $1,386,278,000 | 15.93% | 100.00% |
| 10 Sep 2026 | BS26118E | $8,400,000,000 | $1,386,938,000 | 16.51% | 100.00% |
| 24 Sep 2026 | BS26119F | $8,400,000,000 | $1,450,126,000 | 17.26% | 100.00% |
| 08 Oct 2026 | BS26120W | $8,300,000,000 | $2,019,326,000 | 24.33% | 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 (SBNOV26) has a 10-year average return of 2.45% p.a. View Details
The next SSB (SBDEC26) is projected to have the same 10-year average return. View Projection