Will T-bill yields rebound? What to expect at the Singapore T-bill auction on 19 November

What happened?

The next 6-month Singapore T-bill auction (BS26123A) is scheduled for 19 November.

At the previous auction on 4 November, the 6-month T-bill cut-off yield fell to 1.86%.

This followed an increase to 1.95% at the auction on 22 October, its highest level so far in 2026.

The recent 1-year T-bill cut-off yield also climbed to 1.92% at the auction on 15 October.

With T-bill yields remaining relatively elevated, I've also compared their returns against Singapore Savings Bonds, fixed deposits and savings accounts in November 2026 to see how they stack up for my Liquidity Pot.

Meanwhile, I've noticed more discussion in the Beansprout community about whether T-bill yields could rebound and reach a new high for the year.

In this article, I’ll look at the latest indicators for clues about where the upcoming cut-off yield might land.

Here's what to expect for the Singapore T-bill auction on 19 November

#1 – US 10-year government bond yields rose

The 10-year US government bond yield rose to 5.10% as of 12 November 2026, higher than its level of 4.98% two weeks ago.

The increase in US Treasury yields comes amid renewed concerns about persistent inflation.

Stronger-than-expected US inflation data and comments from Federal Reserve officials have raised expectations of further interest rate increases.

This has led investors to demand higher yields to hold US government bonds.

You can check the latest 10-year US government bond yield here.

Similarly, the 1-year US government bond yield rose sharply to 4.63% as of 12 November 2026, compared to 4.42% as of 2 weeks ago.

#2 – Singapore long-term government bond yields fell

Unlike US government bond yields, the 10-year Singapore government bond yield was at 2.25% as of 12 November 2026, slightly lower than 2.30% two weeks earlier.

You can check the latest 10-year Singapore government bond yield here.

However, I would pay closer attention to shorter-term Singapore yields when assessing the upcoming 6-month T-bill auction.

The closing yield on the 6-month T-bill was at 1.87% on 12 November 2026. This was slightly above the cut-off yield of 1.86% in the previous T-bill auction on 4 November.

The yield on the 12-week MAS bill can also indicate the yields for shorter-maturity Singapore government bonds.

The cut-off yield was at 1.96% in the auction on 11 November 2026, much higher than the cut-off yield of 1.84% on 3 November 2026.

#3 – T-bill issuance size is higher than the previous auction

The issuance size of the upcoming 6-month Singapore T-bill is $8.6 billion, which is higher than $8.5 billion in the previous auction on 4 November.

We saw a sharp rise in T-bill applications to S$20.8 billion in the auction on 4 November, from S$16.1 billion in the auction on 22 October.

This also marks the highest levels of applications in 2026, surpassing the previous peak of S$19.4 billion at the auction on 18 June.

As such, the bid-to-cover ratio rose sharply to 2.45x in the previous auction on 4 November.

The sharp increase in applications may help explain why the T-bill cut-off yield fell at the previous auction, despite higher global bond yields.

While the upcoming issuance size is slightly larger, continued strong demand could keep the cut-off yield from rising significantly.

On the other hand, if demand moderates, the larger issuance size and recent increase in some shorter-term yields could provide support for a higher cut-off yield.

What would Beansprout do?

The closing yield on the 6-month Singapore T-bill was 1.87% on 12 November, slightly above the cut-off yield of 1.86% in the previous auction.

While US government bond yields have risen, the latest 6-month Singapore T-bill closing yield suggests that domestic yields have remained relatively stable.

At the same time, the increase in the 12-week MAS bill yield and slightly larger upcoming issuance size may provide some support for a rebound.

Within my Four Pots of Wealth, I would consider T-bills alongside other options for my Liquidity Pot, where my priority is keeping money for near-term needs relatively accessible while earning some interest.

Currently, the closing yield on the 6-month Singapore T-bill of 1.87% is lower than the best 6-month fixed deposit rate of 2.30% p.a. for a minimum deposit of $200,000. For a lower minimum placement of S$10,000, the best 6-month fixed deposit rate is 2.20% p.a.

With some banks starting to increase savings account interest rates, we were able to find savings accounts in Singapore that offer an interest rate of above 1.87% p.a.

I've also compared T-bills with Singapore Savings Bonds, fixed deposits, savings accounts and money market funds in November 2026 to see which options offer more competitive returns depending on how long I can set aside my cash.

The 6-month Singapore T-bill auction will be held on 19 November (Thursday). We would need to put in our cash applications for the T-bills by 9pm on 18 November (Wednesday).

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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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