{"id":45820,"date":"2026-04-20T00:52:40","date_gmt":"2026-04-19T16:52:40","guid":{"rendered":"https:\/\/sgbuzz.com\/?p=45820"},"modified":"2026-04-20T00:52:40","modified_gmt":"2026-04-19T16:52:40","slug":"heres-what-to-expect-for-the-t-bill-auction-on-23-april","status":"publish","type":"post","link":"https:\/\/sgbuzz.com\/?p=45820","title":{"rendered":"Here’s what to expect for the T-bill auction on 23 April"},"content":{"rendered":"


\n<\/p>\n

<\/p>\n

What happened?<\/h2>\n

The next 6-month Singapore T-bill auction (BS26108W)<\/a> will be on 23 April.<\/p>\n

In the previous auction on 9 April, the cut-off yield for the 6-month Singapore T-bill rose further to 1.47%<\/a>.<\/p>\n

The latest 1-year Singapore T-bill also rose to 1.46% in the auction on 16 April 2026<\/a>, which is higher compared to the <\/span>yield of 1.39% in the previous 1-year T-bill auction.<\/span><\/p>\n

I have seen more discussion in the Beansprout community<\/a> about whether we will continue to an increase in the Singapore T-bill yield.<\/p>\n

In this article, I\u2019ll look at some of the latest indicators to help us understand what the upcoming cut-off yield might be.<\/span><\/p>\n

\"6-month
Source: MAS<\/figcaption><\/figure>\n

\u00a0<\/p>\n

Here’s what to expect for the Singapore T-bill auction on 23 April<\/strong><\/span><\/h2>\n

#1 \u2013 US 10-year government bond yields have dipped<\/h3>\n

The 10-year US government bond yield was at 4.27% as of 16 April 2026, below its levels of 4.38% two weeks ago.\u00a0<\/p>\n

This comes amid falling oil prices with easing of Middle East tensions, with a 2-week ceasefire announced between the US and Iran.\u00a0<\/a><\/p>\n

\"US
Source: TradingView<\/figcaption><\/figure>\n

Likewise, the 1-year US government bond yield edged down to 3.69% as of 16 April 2026, from 3.72% two weeks earlier.<\/p>\n

\"US
Source: TradingView<\/figcaption><\/figure>\n

\u00a0<\/p>\n

#2 \u2013 Singapore 10 year government bond yields have also declined<\/h3>\n

The 10-year Singapore government bond yield fell to 2.03% as of 16 April 2026, a further decline from 2.25% two weeks ago.<\/p>\n

Like the US 10-year government bond yield, they have also moderated from the recent high of above 2.4%.<\/p>\n

\"SG
Source: TradingView<\/figcaption><\/figure>\n

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<\/a>.<\/p>\n

\"T-bills
Source: MAS<\/figcaption><\/figure>\n

T<\/span>he yield on the 3-month MAS bill can also indicate the yields for shorter-maturity Singapore government bonds.<\/p>\n

The\u00a0cut-off yield was at 1.39%<\/a> in the auction on 14 April 2026, lower than the cut-off yield of 1.44% on 7 April.<\/p>\n

\"3
Source: MAS<\/figcaption><\/figure>\n

\u00a0<\/p>\n

#3 \u2013\u00a0Issuance size is remains the same with previous auction<\/strong><\/h3>\n

The issuance size of the upcoming 6-month Singapore T-bill is $8.4 billion, the same as the previous auction size.<\/p>\n