T-bill yield slips to 1.36% at latest 12 Feb auction

What happened?

The results of the latest Singapore 6-month T-bill auction are out.

In the auction on 12 February 2026, the cut off yield for the 6-month Singapore T-bill (BS26103Z) fell to 1.36%.

This represents a slight decline from the yield of 1.37% in the previous auction on 29 January, as well as the yield of 1.39% in the auction on 15 January.

It would also mark the lowest 6-month T-bill yield in recent years.

In this article, I'll look at what is driving the decline in T-bill yield, as well as how it compares to the best fixed deposit rates as a place to park your cash to earn a higher yield. 

Stay updated on the next T-bill

Sign up to receive a free email reminder when the next Singapore T-bill auction is open.

Subscription preferences

• Reminder for Tbill

What we learnt from the latest 6-month Singapore T-bill auction

#1 - Demand for the Singapore T-bill rose 

Total applications for the 6-month Singapore T-bill increased to S$16.6 billion in the latest auction on 12 February from S$16.4 billion on 29 January. 

The amount of competitive bids rose slightly to S$15.4 billion on 12 February from S$15.3 billion two weeks ago.

If you placed a competitive bid below 1.36%, you would receive 100% of your requested T-bill allocation.

If you bid at exactly 1.36%, the allocation would be around 63%.

The amount of non-competitive bids also increased slightly to S$1.2 billion on 12 February from S$1.1 billion on 29 January.

Since the amount of non-competitive bids was within the allocation limit, all eligible non-competitive bids received full allocation for the T-bill. 

#2 - T-bills issued increased slightly

The amount of T-bills issued was $8.2 billion, slightly higher the previous auction on 29 January at $8.1 billion.

With the increase in both the amount T-bill applications and T-bill issued, the ratio of applications to T-bills issued (bid-to-cover ratio) stayed about the same at 2.02x. 

#3 - Median and average yield of bids submitted fell

The median yield of bids submitted fell slightly to 1.31% from 1.32% in the previous auction. 

This would be inline with the fall in Singapore government bond yields we have seen in recent weeks. 

Similarly, the average yield of bids submitted dropped to 1.23% from 1.26% in the previous auction. 

Given the median yield and the cut-off yield, this suggests that a substantial number of bids were placed in the 1.31% to 1.36% range, which is lower than the best 6-month fixed deposit rate in Singapore. 

What would Beansprout do?  

The further dip in the T-bill yield appears to be driven by the lower median yield of bids submitted, reflecting the decline in Singapore government bond yields in recent weeks.

At the same time, we have seen continued elevated demand for the Singapore T-bill, which more than offset the larger amount of T-bills issued. 

This is likely due to increased focus on safe haven assets amid global geopolitical uncertainty. 

With the further dip in the cut-off yield on the T-bill, we would be looking for other ways to earn a higher yield on our cash.

For example, the best 6-month fixed deposit rate in Singapore of 1.45% p.a. is above the cut-off yield of the latest T-bill.

We were also able to find savings accounts in Singapore that offer an interest rate of above 1.36% p.a. 

To compare between fixed deposits, T-bills, savings account and SSBs, check out our guide to the best places to park your cash in February 2026.

To find out other ways to make your savings work hard, check out our guide to best ways to earn a passive income in Singapore.

[Beansprout Exclusive Longbridge Promotion] Get bonus S$50 FairPrice voucher within 5 working days, plus 5% p.a. interest boost coupon (worth ~S$100) when you sign up for a Longbridge account via Beansprout. Plus, S$1,380 CapitaVouchers to be won in our exclusive Huat Together Lucky Draw! Promo ends on 28 February 2026. T&Cs apply. Learn more about the Longbridge promotion here. 

Follow us on Telegram, Youtube, Facebook and Instagram to get the latest financial insights.