Iggy's Journal: T-Bill Season Is Back. The 6-Month Cut-Off Just Jumped to 1.92%.

24 September 2026, Evening

I'd mostly stopped actively covering T-bills the last few months. They'd settled into a quiet, boring range, and boring doesn't need a weekly update. That changed today, and not gradually.

The Numbers

Today's 6 month Singapore T-bill auction, BS26119F, closed at a cut-off yield of 1.92 percent per annum, issue date 29 September. That's up from 1.70 percent at the BS26118E auction two weeks earlier, on 15 September, which itself was up from 1.60 percent at the BS26117A auction on 27 August. The first move was 10 basis points. This one was 22, more than double the prior jump.

My Personal Take

An accelerating move is a different story than a steady one, and this is now the second kind. I flagged back in July that MAS's tightening would eventually show up as a real, checkable number rather than a macro talking point, and this is that number arriving faster than the earlier prints suggested it might. I put in a sizable non-competitive bid on this auction myself and got the full allocation, which tells me demand hadn't caught up to the yield jump yet, not by the time this one closed anyway. I'm restarting regular T-bill coverage here because a range that moves 22 basis points in two weeks isn't something you check on quarterly anymore. If you've got a renewal coming up, this is the actual, current alternative your cash is competing against, not a forecast of one, and it's worth watching whether the next auction confirms the acceleration or the yield jump finally pulls in enough demand to get rationed