Here's what to expect for the T-bill auction on 12 February

What happened?

The next 6-month Singapore T-bill auction (BS26103Z) will be on 12 February 2026.

Recently, we saw the cut-off yield for the 6-month Singapore T-bill decline to 1.37% in the auction on 29 January from 1.39% in the auction on 15 January.

This means that T-bill yields have come down by fairly significantly from the yield of 1.6% in December.

With higher fixed deposit rates in February 2026, I have seen discussions in the Beansprout community about whether it it still worthwhile applying for T-bills.

In this article, I’ll look at some of the latest indicators to help us understand what the upcoming cut-off yield might be, and if T-bills are still a good way to generate passive income in Singapore.

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Here's what to expect for the Singapore T-bill auction on 12 February 

#1 – US 10-year government bond yields have fallen

The 10-year US government bond yield was at 4.18% as of 6 February 2026,  declining slightly from the yield of 4.25% two weeks ago.  

US government bond yields have fallen as weak labour market data has led to renewed concerns of an economic slowdown.

The 1-year US government bond yield was at 3.45% as at 6 February 2026, declining slightly from 3.54% two weeks ago.

#2 – Singapore government bond yields decline

The 10-year Singapore government bond yield was at 2.00% as of 6 February 2026, falling from 2.15% two weeks ago. 

The closing yield on the 6-month T-bill was 1.35% on 5 Feb 2026,  slightly below the cut-off yield of 1.37% in the previous T-bill auction on 29 January. 

The yield on the 3-month MAS bill can also indicate the yields for shorter-maturity Singapore government bonds.

The cut-off yield was at 1.35% in the auction on 3 February 2026, little changed from the yield of 1.32% in the auction on 27 January 2026.

#3 – Issuance size higher than the previous auction

The issuance size of the upcoming 6-month Singapore T-bill is $8.2 billion, slightly higher than the previous auction size.

We saw a decline in the amount of T-bill applications in the previous auction to S$16.4 billion in the auction on 29 January from S$19.2 billion in the auction on 15 January 2026. However, this remains fairly elevated compared to applications in December 2026.

If demand for the Singapore T-bill continues to weaken, the higher amount of T-bill offered may provide some support to the cut-off yield in the upcoming auction.

What would Beansprout do?

The closing yield on the 6-month Singapore T-bill was at 1.35% on 5 February 2026, below the cut-off yield in the previous auction.

This follows a trend of declining US and Singapore government bond yields over the past week.

The closing yield on the 6-month Singapore T-bill of 1.35% is now below the best 6-month fixed deposit rate of 1.45% p.a.

We were also able to find savings accounts in Singapore that offer an interest rate of above 1.35% p.a., as some banks have introduced promotions recently.

The current issuance of the Singapore Savings Bonds (SSB) offers a 1-year return of 1.38%, and 10-year average return of 2.16% p.a., while offering the flexibility to redeem priority to maturity. 

We compare T-bills with fixed deposits, savings accounts and SSBs to find out the best place to park your cash in February 2026 here.

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.

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The 6-month Singapore auction will be held on 12 February (Thursday). We would need to put in our cash applications for the T-bills by 9 pm on 11 February (Wednesday).

Applications for the T-bills using CPF-OA will close 1-2 business days before the auction date, and the dates differ across the three local banks.

• Applications for T-bills online using CPF OA via DBS close at 9pm on 11 February (Wednesday).Read our step-by-step guide to applying via DBS.
• Application for T-bills online using CPF OA via OCBC close at 9pm on 11 February (Wednesday). Read our step-by-step guide to applying via OCBC
• Applications for T-bills online using CPF OA via UOB close at 9pm on 10 February (Tuesday). Read our step-by-step guide to applying via UOB.  

If you are new to investing in the T-bill, check out our comprehensive guide to Singapore T-bills to learn more.

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