Singapore 6-month T-bill cut-off yield slides to 1.41%

This is a drop from the 1.44% offered in the last 6-month auction that closed on Oct 9

The latest cut-off yield on Singapore’s six-month Treasury bill (T-bill) slipped to 1.41 per cent, according to auction results released by the Monetary Authority of Singapore on Thursday (Oct 23).

This marked a decrease from the 1.44 per cent offered in the previous six-month auction that closed on Oct 9, where the cut-off yield plateaued after having fallen for most of 2025.

The latest auction received a total of S$15.9 billion in applications for the S$7.9 billion on offer, representing a bid-to-cover ratio of 2.01. In comparison, the previous auction received a total of S$14.8 billion in applications for the S$7.8 billion on offer, translating to a 1.9 bid-to-cover ratio.

The median yield for the latest auction fell to 1.35 per cent from 1.38 per cent in the last round. The average yield was unchanged at 1.29 per cent.

All non-competitive bids were allotted, amounting to S$1.1 billion, while around 12 per cent of competitive applications at the cut-off yield were allotted.

Singapore will issue up to another S$450 billion in government securities, with a parliamentary motion having been passed last November to raise the government’s issuance limit to S$1.515 trillion, from S$1.065 trillion previously. The new limit is expected to last until 2029.