Here's what to expect for the T-bill auction on 6 November

What happened?

The next 6-month Singapore T-bill auction (BS25122A) will be on 6 November 2025.

After the cut-off yield for the most recent 6-month Singapore T-bill dipped to 1.41%, 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 6 November 

#1 – US bond yields have bounced

The 10-year US government bond yield has climbed to above 4% in the past week.

This is likely due to the change in tone from the Federal Reserve after the recent meeting on 29 October.

After its second straight interest rate cut,  Fed Chairman Jerome Powell cautioned that a December rate cut was 'far from' certain.

According to the CME Fedwatch Tool, the probability that the Fed will cut interest rates further by 0.25% in the upcoming meeting in December fell to 69% as of 31 October from 92% one week ago.

Likewise, the 1-year US government bond yield has risen to 3.71% from 3.55% two weeks ago.

#2 – Singapore 10-year government bond yields also rose

The 10-year Singapore government bond yield was at 2.00% as of 30 October 2025, increasing from 1.75% on 17 October 2025.

The closing yield on the 6-month T-bill was 1.39% on 30 October 2025,  below the cut-off yield of 1.41% in the previous T-bill auction on 23 October. 

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 1.39% in the auction on 28 October 2025, also below the yield of 1.42% in the auction on 22 October 2025.

#3 – Issuance size higher than the previous auction

The issuance size of the upcoming 6-month Singapore T-bill is $8.0 billion, above the previous auction size of $7.9 billion.

We saw a further increase in the amount of T-bill applications to S$15.9 billion in the auction on 23 October 2025 from S$14.8 billion in the auction on 9 October 2025.

If demand remains unchanged compared to the previous auction, the larger issuance of T-bills may help to provide some support to the yield in the upcoming auction.

What would Beansprout do?

The closing yield on the 6-month Singapore T-bill was at 1.39% on 30 October 2025, close to the cut-off yield in the previous auction.

However, we have seen a bounce in US government bond yields as well as the Singapore 10-year government bond yield in the past week, after the US Federal Reserve tempered expectations of further rate cuts.

The larger issuance size in the upcoming auction may also help to support the cut-off yield.

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 on par with 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 1.40% p.a. 

For example, the DBS Multiplier promo allows new Multiplier customers to earn up to 2.5% p.a. on the first S$100,000. 

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

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

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• Reminder for Tbill

The 6-month Singapore auction will be held on 6 November (Thursday). We would need to put in our cash applications for the T-bills by 9 pm on 5 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 5 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 5 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 4 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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