Here’s what to expect for the T-bill auction on 23 April

Currently, the closing yield on the 6-month T-bill was at 1.45% on 16 April 2026, below the cut-off yield of 1.47% in the previous T-bill auction on 9 April.

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 1.39% in the auction on 14 April 2026, lower than the cut-off yield of 1.44% on 7 April.

#3 – Issuance size is remains the same with previous auction

The issuance size of the upcoming 6-month Singapore T-bill is $8.4 billion, the same as the previous auction size.

We saw a decrease in the amount of T-bill applications to S$14.6 billion in the auction on 9 April from S$16.4 billion in the auction on 26 March 2026. 

If demand for the T-bill continues to decline, the same issuance size in the upcoming auction may help to support the T-bill yield.

What would Beansprout do?

The closing yield on the 6-month Singapore T-bill was at 1.45% on 16 April 2026, slightly below the cut-off yield in the previous auction.

This follows a trend of a decline in US government bond yields and Singapore government bond yields, following easing concerns of the Middle East crisis and a decline in oil prices. 

With continued uncertainty on global geopoliticals, I have been evaluating my financial plan to make sure it offers me sufficient security and peace of mind.

The first step is to make sure I have sufficient cash put aside for emergency uses through my liquidity pot, where I would then put into a mix of savings accounts, fixed deposits, T-bills, SSBs and money market funds. Learn more about the liquidity pot here. 

Then, I would see how I can earn a higher yield on this pot of emergency cash, while maintaining the liquidity I may need.

Currently, the closing yield on the 6-month Singapore T-bill of 1.45% remains below the best 6-month fixed deposit rate of 1.50% 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 1.45% p.a..

The current issuance of the Singapore Savings Bonds (SSB) offers a 1-year return of 1.40%, and 10-year average return of 2.14% p.a., while offering the flexibility to redeem priority to maturity. 

I compare savings accounts, fixed deposits, T-bills, SSBs and money market funds to find the best places to park your cash in April 2026 here.

By finding the best place to park my cash, I know that I have a stable base for the rest of my portfolio to stay invested through markets ups and downs. 

When this pot is properly set up, I know I can ride through market volatility without being forced to sell my investments at the wrong time.

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The 6-month Singapore auction will be held on 23 April (Thursday). We would need to put in our cash applications for the T-bills by 9pm on 22 April (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.

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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