6-month T-bill
BS25108N
Auctioned 24 Apr 2025 · Issued 29 Apr 2025 · Matures 28 Oct 2025
Cutoff yield
2.38%
Median yield: 2.32%
Auction details
- Bid-to-cover:
- 2.24 (S$2.24 in bids for every S$1 of issue size)
- Amount issued:
- S$7.4B
- Tenor:
- 6-month
6-month cutoff yield history
This auction in context
- Yield change: The 2.38% cutoff is 12 bp lower than the previous 6-month auction (BS25107W, 2.50% on 10 Apr 2025).
- Trailing 12 months: Across the previous 26 6-month auctions, cutoffs ranged from 2.50% to 3.76%. This cutoff sits at the bottom of that range.
- Demand: Bid-to-cover of 2.24× was in line with the trailing-12-month average of 2.28×.
Descriptive observations from MAS auction history — not forecasts or recommendations.
How this auction worked
MAS runs a uniform-price auction: every successful bidder — competitive or non-competitive — pays the cutoff yield. The cutoff is the highest yield accepted to fill the issue size; the median is the middle of all submitted bids, useful as a sanity check on whether the cutoff was pulled up by a few aggressive bids. A bid-to-cover ratio above 2.0 generally signals strong demand.
Frequently asked questions
- When does BS25108N mature?
- BS25108N matures on 28 Oct 2025. T-bills are zero-coupon: you pay below face value at issue and receive the full S$1,000 per bill at maturity.
- What was the bid-to-cover ratio for BS25108N?
- BS25108N had a bid-to-cover ratio of 2.24 — investors submitted S$2.24 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate strong demand.
- How does BS25108N's cutoff yield compare to recent 6-month T-bill auctions?
- BS25108N's 2.38% cutoff is down 12 bp from the previous 6-month auction. Recent cutoffs: 2.50% (BS25107W, 10 Apr 2025), 2.73% (BS25106X, 26 Mar 2025), 2.56% (BS25105T, 13 Mar 2025).
- How does BS25108N's cutoff yield compare to the current SSB?
- BS25108N cleared at 2.38%, 92 bp higher than the latest SSB year-1 rate of 1.46% (GX26060N). The T-bill locks funds for the full 6-month; the SSB year-1 rate applies for one year then steps up annually toward the 10-year average of 2.11%.
- What was BS25108N's cutoff vs median yield spread?
- BS25108N cleared at a cutoff of 2.38% versus a median of 2.32% — a 6 bp spread. A wide spread — the cutoff was pulled up by aggressive bids well above the typical submission.
- Can I buy BS25108N with CPF?
- T-bills are CPFIS-OA and CPFIS-SA eligible — you can fund the purchase from your CPF Ordinary Account or Special Account via your bank's CPFIS portal. There are bank-specific fees and a "dead-money" gap to watch. See /learn/how-to-buy-t-bills-with-cpf/ for the full mechanics.
Learn more
- Singapore T-bill auctions explained — competitive vs non-competitive bids, cutoff yield, bid-to-cover.
- How to buy T-bills with CPF — CPFIS-OA flow, bank cutoffs, and the dead-money gotcha.
- SSB vs T-bill — when each one fits, and the 30 bps spread heuristic.