6-month T-bill
BS26117A
Auctioned 27 Aug 2026 · Issued 01 Sep 2026 · Matures 02 Mar 2027
Cutoff yield
1.60%
Median yield: 1.55%
Auction details
- Bid-to-cover:
- 1.93 (S$1.93 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 1.60% cutoff is 4 bp higher than the previous 6-month auction (BS26116V, 1.56% on 13 Aug 2026).
- Trailing 12 months: Across the previous 26 6-month auctions, cutoffs ranged from 1.36% to 1.60%. This cutoff sits at the top of that range.
- Demand: Bid-to-cover of 1.93× was in line with the trailing-12-month average of 2.05×.
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 BS26117A mature?
- BS26117A matures on 02 Mar 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 BS26117A?
- BS26117A had a bid-to-cover ratio of 1.93 — investors submitted S$1.93 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate moderate demand.
- How does BS26117A's cutoff yield compare to recent 6-month T-bill auctions?
- BS26117A's 1.60% cutoff is up 4 bp from the previous 6-month auction. Recent cutoffs: 1.56% (BS26116V, 13 Aug 2026), 1.59% (BS26115N, 30 Jul 2026), 1.55% (BS26114W, 16 Jul 2026).
- How does BS26117A's cutoff yield compare to the current SSB?
- BS26117A cleared at 1.60%, 8 bp higher than the latest SSB year-1 rate of 1.52% (GX26090V). 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 2.25%.
- What was BS26117A's cutoff vs median yield spread?
- BS26117A cleared at a cutoff of 1.60% versus a median of 1.55% — a 5 bp spread. A moderate spread — the cutoff was pulled up somewhat by higher bids.
- Can I buy BS26117A 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
- ← BS26116V — 1.56% cutoff
- Latest auction results →
- All T-bill auctions →
Compare & cross-check
- Latest 1-year T-bill: BY26102T — 1.68% cutoff
- Latest SSB: GX26090V — 1.52% year 1
- T-bill vs SSB, side by side →
- Return calculator →