What happened?
The next 6-month Singapore T-bill auction (BS26108W) will be on 23 April.
In the previous auction on 9 April, the cut-off yield for the 6-month Singapore T-bill rose further to 1.47%.
The latest 1-year Singapore T-bill also rose to 1.46% in the auction on 16 April 2026, which is higher compared to the yield of 1.39% in the previous 1-year T-bill auction.
I have seen more discussion in the Beansprout community about whether we will continue to an increase in the Singapore T-bill yield.
In this article, I’ll look at some of the latest indicators to help us understand what the upcoming cut-off yield might be.
Here’s what to expect for the Singapore T-bill auction on 23 April
#1 – US 10-year government bond yields have dipped
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.
This comes amid falling oil prices with easing of Middle East tensions, with a 2-week ceasefire announced between the US and Iran.
Likewise, the 1-year US government bond yield edged down to 3.69% as of 16 April 2026, from 3.72% two weeks earlier.
#2 – Singapore 10 year government bond yields have also declined
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.
Like the US 10-year government bond yield, they have also moderated from the recent high of above 2.4%.
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.
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