6-month T-bill
BS26113X
Auctioned 02 Jul 2026 · Issued 07 Jul 2026 · Matures 05 Jan 2027
Cutoff yield
1.50%
Median yield: 1.45%
Auction details
- Bid-to-cover:
- 2.00 (S$2.00 in bids for every S$1 of issue size)
- Amount issued:
- S$8.7B
- Tenor:
- 6-month
6-month cutoff yield history
This auction in context
- Yield change: The 1.50% cutoff is 3 bp higher than the previous 6-month auction (BS26112T, 1.47% on 18 Jun 2026).
- Trailing 12 months: Across the previous 26 6-month auctions, cutoffs ranged from 1.36% to 1.85%. This cutoff sits above the median.
- Demand: Bid-to-cover of 2.00× was in line with the trailing-12-month average of 2.06×.
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 BS26113X mature?
- BS26113X matures on 05 Jan 2027. 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 BS26113X?
- BS26113X had a bid-to-cover ratio of 2.00 — investors submitted S$2.00 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate strong demand.
- How does BS26113X's cutoff yield compare to recent 6-month T-bill auctions?
- BS26113X's 1.50% cutoff is up 3 bp from the previous 6-month auction. Recent cutoffs: 1.47% (BS26112T, 18 Jun 2026), 1.48% (BS26111H, 04 Jun 2026), 1.45% (BS26110S, 21 May 2026).
- How does BS26113X's cutoff yield compare to the current SSB?
- BS26113X cleared at 1.50%, 4 bp higher than the latest SSB year-1 rate of 1.46% (GX26080T). 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 2.06%.
- What was BS26113X's cutoff vs median yield spread?
- BS26113X cleared at a cutoff of 1.50% versus a median of 1.45% — a 5 bp spread. A moderate spread — the cutoff was pulled up somewhat by higher bids.
- Can I buy BS26113X 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.
Explore more
Other 6-month auctions
- ← BS26112T — 1.47% cutoff
- BS26114W → — 1.55% cutoff
- Latest auction results →
- All T-bill auctions →
Compare & cross-check
- Latest 1-year T-bill: BY26101H — 1.46% cutoff
- Latest SSB: GX26080T — 1.46% year 1
- T-bill vs SSB, side by side →
- Return calculator →