Here's what to expect for the T-bill auction on 20 November

What happened?

The next 6-month Singapore T-bill auction (BS25123E) will be on 20 November 2025.

After the cut-off yield for the most recent 6-month Singapore T-bill dipped to 1.37%, some of you may be wondering what to expect for the upcoming auction.

I’ll look at some of the latest indicators to help us understand what the upcoming cut-off yield might be, and if it will still be worthwhile applying for T-bills as a way to generate passive income.

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Here's what to expect for the Singapore T-bill auction on 20 November 

#1 – US bond yields have stayed flat

The 10-year US government bond yield was at 4.15% as of 14 November 2025, close to its levels of 4.11% two weeks ago, even though it has been volatile during this period.

This likely reflects more limited US economic data release with the government shutdown, as well as growing comments by US Federal Reserve officials that an interest rate cut in the upcoming December meeting may be far from certain.

As a result, the investors are pricing in a lower probability of an interest rate cut in the next meeting, according to the CME Fedwatch tool. 

Likewise, the 1-year US government bond yield was at 3.71% as at 14 November 2025, little changes from two weeks ago.

#2 – Singapore government bond yields declined slightly

The 10-year Singapore government bond yield was at 1.94% as of 14 November 2025, falling from 2.00% on 30 October 2025.

This likely reflects increasing demand for the Singapore government bond as a safe haven asset.

The closing yield on the 6-month T-bill was 1.34% on 13 November 2025,  below the cut-off yield of 1.37% in the previous T-bill auction on 6 November. 

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 1.38% in the auction on 11 November 2025, also just slightly below the yield of 1.39% in the auction on 28 October 2025.

#3 – Issuance size similar to the previous auction

The issuance size of the upcoming 6-month Singapore T-bill is $8.0 billion, the same as the previous auction size.

We saw a further increase in the amount of T-bill applications to S$18.6 billion in the auction on 6 November 2025 from S$15.9 billion in the auction on 23 October 2025.

If demand for the T-bill continues to rise, the same issuance size of the upcoming T-bill may lead to further downward pressure on the T-bill yield.

What would Beansprout do?

The closing yield on the 6-month Singapore T-bill was at 1.34% on 13 November 2025, below the cut-off yield in the previous auction.

This reflects the decline in Singapore T-bill yields in the past few weeks, amid a flight to safety with global market volatility.

However, it is worth noting that as bond yields have been volatile, the eventual cut-off yield will still depend on the eventual bids put in at the auction. 

The closing yield on the 6-month Singapore T-bill is below the best 6-month fixed deposit rate of 1.40% p.a.

While banks have been cutting the interest rates on savings accounts, we were still able to find savings accounts in Singapore that offer an interest rate of above 1.34% p.a. 

The latest Singapore Savings Bonds (SSBs) also offers a 1-year return of 1.35% and 10-year average return of 1.85%, while offering the flexibility to redeem before maturity. 

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

[Beansprout Exclusive Longbridge Promotion] Get bonus S$50 FairPrice voucher, S$18 cash voucher, plus 12% p.a. interest boost on S$2,000 with Longbridge Cash Plus for 90 days (worth up to S$60) when you sign up for a Longbridge account via Beansprout and fund S$2,000. T&Cs apply. Learn more about the Longbridge promotion here. 

Stay updated on the T-bill

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The 6-month Singapore auction will be held on 20 November (Thursday). We would need to put in our cash applications for the T-bills by 9 pm on 19 November (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 19 November (Wed). Read our step-by-step guide to applying via DBS.
• Application for T-bills online using CPF OA via OCBC close at 9pm on 19 November (Wed). Read our step-by-step guide to applying via OCBC
• Applications for T-bills online using CPF OA via UOB close at 9pm on 18 November (Tue). 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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