When does BS25103S mature?

BS25103S matures on 19 Aug 2025. T-bills are zero-coupon: you pay below face value at issue and receive the full S$1,000 per bill at maturity.

What was the bid-to-cover ratio for BS25103S?

BS25103S had a bid-to-cover ratio of 3.19 — investors submitted S$3.19 in bids for every S$1 of issue size.

How does BS25103S's cutoff yield compare to recent 6-month T-bill auctions?

BS25103S's 2.90% cutoff is down 14 bp from the previous 6-month auction. Recent cutoffs: 3.04% (BS25102Z, 28 Jan 2025), 2.99% (BS25101F, 16 Jan 2025), 3.05% (BS25100E, 02 Jan 2025).

How does BS25103S's cutoff yield compare to the current SSB?

BS25103S cleared at 2.90%, 123 bp higher than the latest SSB year-1 rate of 1.67% (GX26110X). The T-bill locks funds for the full 6-month; the SSB year-1 rate applies for one year then steps up annually toward the 10-year average of 2.45%.

What was BS25103S's cutoff vs median yield spread?

BS25103S cleared at a cutoff of 2.90% versus a median of 2.78% — a 12 bp spread. The cutoff is the highest yield accepted to fill the issue; the median is the middle of all submitted bids.

Can I buy BS25103S with CPF?

T-bills are CPFIS-OA and CPFIS-SA eligible — you can fund the purchase from your CPF Ordinary Account or Special Account via your bank's CPFIS portal. There are bank-specific fees and a "dead-money" gap to watch. See /learn/how-to-buy-t-bills-with-cpf/ for the full mechanics.

6-month T-bill

BS25103S

Auctioned 13 Feb 2025 · Issued 18 Feb 2025 · Matures 19 Aug 2025

Cutoff yield

2.90%

Median yield: 2.78%

Auction details

Bid-to-cover:: 3.19 (S$3.19 in bids for every S$1 of issue size)
Amount issued:: S$7.3B
Tenor:: 6-month

6-month cutoff yield history

Full interactive chart →

This auction in context

Yield change: The 2.90% cutoff is 14 bp lower than the previous 6-month auction (BS25102Z, 3.04% on 28 Jan 2025).
Trailing 12 months: Across the previous 26 6-month auctions, cutoffs ranged from 2.97% to 3.80%. This cutoff sits below that range.
Demand: Bid-to-cover of 3.19× was above the trailing-12-month average of 2.22×.

Descriptive observations from MAS auction history — not forecasts or recommendations.

How this auction worked

MAS runs a uniform-price auction: every successful bidder — competitive or non-competitive — pays the cutoff yield. The cutoff is the highest yield accepted to fill the issue size; the median is the middle of all submitted bids, so the gap between them shows how far the last accepted bid sat above the middle of the pool. The bid-to-cover ratio is the total amount bid divided by the amount issued.

Allotment outcome

Non-competitive bids:: filled to 80.0% of the amount applied
Competitive bids at the cutoff:: 30.0% of the amount applied
Total bids received:: S$23.3B

As published by MAS for this auction. Non-competitive bids are allotted first and pro-rated only if they exceed 40% of the issue size.

Frequently asked questions

When does BS25103S mature?: BS25103S matures on 19 Aug 2025. T-bills are zero-coupon: you pay below face value at issue and receive the full S$1,000 per bill at maturity.
What was the bid-to-cover ratio for BS25103S?: BS25103S had a bid-to-cover ratio of 3.19 — investors submitted S$3.19 in bids for every S$1 of issue size.
How does BS25103S's cutoff yield compare to recent 6-month T-bill auctions?: BS25103S's 2.90% cutoff is down 14 bp from the previous 6-month auction. Recent cutoffs: 3.04% (BS25102Z, 28 Jan 2025), 2.99% (BS25101F, 16 Jan 2025), 3.05% (BS25100E, 02 Jan 2025).
How does BS25103S's cutoff yield compare to the current SSB?: BS25103S cleared at 2.90%, 123 bp higher than the latest SSB year-1 rate of 1.67% (GX26110X). The T-bill locks funds for the full 6-month; the SSB year-1 rate applies for one year then steps up annually toward the 10-year average of 2.45%.
What was BS25103S's cutoff vs median yield spread?: BS25103S cleared at a cutoff of 2.90% versus a median of 2.78% — a 12 bp spread. The cutoff is the highest yield accepted to fill the issue; the median is the middle of all submitted bids.
Can I buy BS25103S with CPF?: T-bills are CPFIS-OA and CPFIS-SA eligible — you can fund the purchase from your CPF Ordinary Account or Special Account via your bank's CPFIS portal. There are bank-specific fees and a "dead-money" gap to watch. See /learn/how-to-buy-t-bills-with-cpf/ for the full mechanics.

BS25103S

This auction in context

How this auction worked

Allotment outcome

Frequently asked questions

Explore more

Other 6-month auctions

Compare & cross-check

Learn