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6-month T-bill

BS26108W

Auctioned 23 Apr 2026 · Issued 28 Apr 2026 · Matures 27 Oct 2026

Cutoff yield

1.40%

Median yield: 1.37%

Auction details

Bid-to-cover:
2.29 (S$2.29 in bids for every S$1 of issue size)
Amount issued:
S$8.4B
Tenor:
6-month

6-month cutoff yield history

Full interactive chart →

This auction in context

  • Yield change: The 1.40% cutoff is 7 bp lower than the previous 6-month auction (BS26107X, 1.47% on 09 Apr 2026).
  • Trailing 12 months: Across the previous 26 6-month auctions, cutoffs ranged from 1.36% to 2.38%. This cutoff sits below the median.
  • Demand: Bid-to-cover of 2.29× was above the trailing-12-month average of 2.10×.

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, so the gap between them shows how far the last accepted bid sat above the middle of the pool. The bid-to-cover ratio is the total amount bid divided by the amount issued. Which of the three yields you actually receive is covered in cut-off, median and average yields explained.

Allotment outcome

Non-competitive bids:
filled in full
Competitive bids at the cutoff:
96.2% of the amount applied
Total bids received:
S$19.2B

As published by MAS for this auction. Non-competitive bids are allotted first and pro-rated only if they exceed 40% of the issue size.

Frequently asked questions

When does BS26108W mature?
BS26108W matures on 27 Oct 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 BS26108W?
BS26108W had a bid-to-cover ratio of 2.29 — investors submitted S$2.29 in bids for every S$1 of issue size.
How does BS26108W's cutoff yield compare to recent 6-month T-bill auctions?
BS26108W's 1.40% cutoff is down 7 bp from the previous 6-month auction. Recent cutoffs: 1.47% (BS26107X, 09 Apr 2026), 1.46% (BS26106T, 26 Mar 2026), 1.37% (BS26105H, 12 Mar 2026).
How does BS26108W's cutoff yield compare to the current SSB?
BS26108W cleared at 1.40%, 27 bp lower than the latest SSB year-1 rate of 1.67% (GX26110X). 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 2.45%.
What was BS26108W's cutoff vs median yield spread?
BS26108W cleared at a cutoff of 1.40% versus a median of 1.37% — a 3 bp spread. The cutoff is the highest yield accepted to fill the issue; the median is the middle of all submitted bids.
Can I buy BS26108W 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.

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