Here's what to expect for the T-bill auction on 24 April

What happened?

The next 6-month Singapore T-bill auction (BS25108N) will be coming up on 24 April 2025.

In the previous auction, the cut-off yield for the 6-month Singapore T-bill declined to 2.50%. 

The cut-off yield on the 1-year Singapore T-bill also fell to 2.29% recently. 

If you're wondering if it might be still worthwhile investing in the T-bill,  I will share some of the latest indicators to find out what might be the cut-off yield for the upcoming T-bill auction. 

Stay updated on the T-bill

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

Subscription preferences

• Reminder for Tbill

Here's what to expect for the Singapore T-bill auction on 24 April

#1 – US bond yields have fallen  

The 10-year US government bond yield has dropped to 4.29% as of 17 April, from a peak of around 4.50% last week.

Following the sharp sell-off in US government bonds after sweeping tariffs were announced by US President Donald Trump, there appears to be some signs of stabilisation in the market. 

Yields on shorter-term US government bonds have also moderated slightly in the past week. 

The 1-year US government bond yield has dropped to 3.97% as of 17 April from a high of around 4.1% last week. 

#2 – Closing yield on 6-month Singapore T-bill has also declined

With the fall in US government bond yields, the yield on the 10-year Singapore government bond has also fallen from its recent highs.

The Singapore 10-year government bond yield was at 2.56% as of 17 April, falling slightly from a peak of around 2.75%  last week. 

The closing yield on the 6-month T-bill was 2.41% on 17 April , below the cut-off yield of 2.50% in the previous T-bill auction on 10 April.

The yield on the 3-month MAS bill can also give an indication of the yields for shorter-maturity Singapore government bonds.

The cut-off yield was at 2.45% in the auction on 15 April, falling sharply from 2.84% in the auction on 25 March.

#3 – No change in issuance size compared to the previous auction

The issuance size of the upcoming 6-month Singapore T-bill is $7.4 billion, unchanged from the previous auction. 

We saw a rebound in the amount of T-bill applications, rising to S$17.2 billion in the auction on 10 April from S$15.8 billion on 26 March. 

If this rebound in demand continues, we might see further downward pressure on the cut-off yield for the upcoming T-bill auction.

What would Beansprout do?

The closing yield on the 6-month Singapore T-bill was at 2.41% on 17 April, lower than the cut-off yield of 2.5% in the previous auction.

This is because we have seen a fall in Singapore government bond yields with the decline in US bond yields over the past week. 

The closing yield on the 6-month Singapore T-bill yield has now gone below the best 6-month fixed deposit rate of 2.50% 

However, bond yields globally remain highly volatile with uncertainty on the trade tariffs, and the cut-off yield in the T-bill auction will depend on the eventual demand for the T-bill.  

For CPF investors, the closing yield remains below the breakeven cut-off yield for CPF-OA funds. 

You can find out what is the breakeven yield on the Singapore T-bill for CPF applications using our CPF-T-bill calculator.

The closing yield on the 6-month Singapore T-bill would also be below the interest rates currently offered by the best savings accounts in Singapore.  

To find out ways to earn a higher yield compared to the closing yield on the 6-month T-bill, check out our analysis of the best place to park your savings in April 2025. 

The 6-month Singapore auction will be held on 24 Apr (Thursday). We would need to put in our cash applications for the T-bills by 9 pm on 23 April (Wednesday).

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

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 23 Apr (Wed). Read our step-by-step guide to applying via DBS.
• Application for T-bills online using CPF OA via OCBC close at 9pm 23 Apr (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 22 Apr (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.

Join our Beansprout Telegram group for the latest insights on Singapore stocks, REITs, bonds and ETFs.