6-month T-bill
BS26119F
Auctioned 24 Sep 2026 · Issued 29 Sep 2026 · Matures 30 Mar 2027
Cutoff yield
1.92%
Median yield: 1.79%
Auction details
- Bid-to-cover:
- 1.88 (S$1.88 in bids for every S$1 of issue size)
- Amount issued:
- S$8.4B
- Tenor:
- 6-month
6-month cutoff yield history
This auction in context
- Yield change: The 1.92% cutoff is 22 bp higher than the previous 6-month auction (BS26118E, 1.70% on 10 Sep 2026).
- Trailing 12 months: Across the previous 26 6-month auctions, cutoffs ranged from 1.36% to 1.70%. This cutoff sits above that range.
- Demand: Bid-to-cover of 1.88× was in line with the trailing-12-month average of 2.03×.
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.
Allotment outcome
- Non-competitive bids:
- filled in full
- Competitive bids at the cutoff:
- 49.5% of the amount applied
- Total bids received:
- S$15.8B
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 BS26119F mature?
- BS26119F matures on 30 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 BS26119F?
- BS26119F had a bid-to-cover ratio of 1.88 — investors submitted S$1.88 in bids for every S$1 of issue size.
- How does BS26119F's cutoff yield compare to recent 6-month T-bill auctions?
- BS26119F's 1.92% cutoff is up 22 bp from the previous 6-month auction. Recent cutoffs: 1.70% (BS26118E, 10 Sep 2026), 1.60% (BS26117A, 27 Aug 2026), 1.56% (BS26116V, 13 Aug 2026).
- How does BS26119F's cutoff yield compare to the current SSB?
- BS26119F cleared at 1.92%, 25 bp higher 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 BS26119F's cutoff vs median yield spread?
- BS26119F cleared at a cutoff of 1.92% versus a median of 1.79% — a 13 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 BS26119F 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
- ← BS26118E — 1.70% cutoff
- Latest auction results →
- All T-bill auctions →
Compare & cross-check
- Latest 1-year T-bill: BY26102T — 1.68% cutoff
- Latest SSB: GX26110X — 1.67% year 1
- T-bill vs SSB, side by side →
- Return calculator →