6-month T-bill
BS25115V
Auctioned 31 Jul 2025 · Issued 05 Aug 2025 · Matures 03 Feb 2026
Cutoff yield
1.77%
Median yield: 1.68%
Auction details
- Bid-to-cover:
- 1.69 (S$1.69 in bids for every S$1 of issue size)
- Amount issued:
- S$7.6B
- Tenor:
- 6-month
6-month cutoff yield history
This auction in context
- Yield change: The 1.77% cutoff is 2 bp lower than the previous 6-month auction (BS25114N, 1.79% on 17 Jul 2025).
- Trailing 12 months: Across the previous 26 6-month auctions, cutoffs ranged from 1.79% to 3.40%. This cutoff sits at the bottom of that range.
- Demand: Bid-to-cover of 1.69× was below 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 BS25115V mature?
- BS25115V matures on 03 Feb 2026. 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 BS25115V?
- BS25115V had a bid-to-cover ratio of 1.69 — investors submitted S$1.69 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate moderate demand.
- How does BS25115V's cutoff yield compare to recent 6-month T-bill auctions?
- BS25115V's 1.77% cutoff is down 2 bp from the previous 6-month auction. Recent cutoffs: 1.79% (BS25114N, 17 Jul 2025), 1.85% (BS25113W, 3 Jul 2025), 2.00% (BS25112X, 19 Jun 2025).
- How does BS25115V's cutoff yield compare to the current SSB?
- BS25115V cleared at 1.77%, 31 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 BS25115V's cutoff vs median yield spread?
- BS25115V cleared at a cutoff of 1.77% versus a median of 1.68% — a 9 bp spread. A wide spread — the cutoff was pulled up by aggressive bids well above the typical submission.
- Can I buy BS25115V 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.