I hope that is the case. But I still think a spread of 150 bp isn't enticing enough.

I guess you will subscribe to this issue?

Also curious how high a yield you plan to bid for the upcoming 6 month SG T-bill? I find it funny SG T-bill rate to be lower than US ones by some 50-60 bp.

Oh you didn't touch bonds at all? Only stocks?

I am not aware of US rights subscription legal details. Perhaps Hansel can say something on this. I guess US companies rights subscription may not be available to non-US persons too, but I am not sure as I have not ecountered one.

Back to your question:

Some countries' laws requite the residential/mailing address to be stated to ensure the residency of the stockholder is determined, say for tax reasons etc. It's just legal requirement (and sometime political ones...). Just because everything can be done online does not mean you can override people's law.

Convenience is one thing. Different legal systems are whole another story. Like I say, when things go south, the companies won't want to embroiled in legal papers nightmares and pay high fees to corporate lawyers in both countries. SG and Malaysia corporate laws aren't entirely the same, different legal systems/cultures etc. Correct? Hansel

Also, SGX CDP relies on your physical signature to verify your identification. In this case, the rights subscription forms are mailed to an SG address rather than foreign address as there is no guarantee of mail service efficiency in other countries. There might be delays in receiving the empty or signed/completed forms due to various issues. So to be secure, they just use SingPost's service. 

https://www.sgx.com/cdpfaqs



In the future, they may add corporate actions via CDP Internet however.



And it's not that all SG counters don't allow foreign investors to subscribe to rights. OCBC allows Malaysians to subscribe to rights on IBKR.

BT 200922: https://drive.google.com/file/d/1LX6B32lxFU...iew?usp=sharing

Capital protection is no longer my portfolio. It used to be. Caused my teacher taught me don't bother so much with capital protection if example every year you get 7%, for say 5 years, then year 6 you get -10% so what. You will be up Vs a guy who's in FD say 3%p.a

Yes if your time frame is in the near future. Mine is 15-20 years horizon. So no issue for me.

Line I said if it happens, let it be. I am buying more. Never fear a down market/red market if fundamentals are strong.

Actually I want the feds to keep hiking and CPI to be persistently high.

I need more time to accumulate and need to accumulate more when it's in sale. How else am I going to buy things on sale? I need to thank the feds for giving me some good discount.

So nope. I want the fed to continue be hawkish and let me low ball people. The only time you can low ball is if people are scared.

BT 220922: https://drive.google.com/file/d/17IFVT7ocHp...iew?usp=sharing

Ya indeed. Don't know what Temasek is doing behind the back door...

----------------------------------

BT 280922: https://drive.google.com/file/d/1eSoXh7VsRB...iew?usp=sharing

I am caught off-guard by BOE's surprising decision to save the market at the last minute, now yields are failing again, not sure my 3.5% bid will be sufficient to make it through the cut-off yield today

A burden to M40... 

Cut-off yield 3.32% money to be refunded...

https://www.mas.gov.sg/bonds-and-bills/auct...date=2022-10-04

BT 290922: https://drive.google.com/file/d/1qJsgfHcazu...iew?usp=sharing

0% bro... They have stopped paying dividend since pandemic...

Which is why retail investors are furious with this acquisition. No money to pay back to shareholders but have big M&A plan instead which significantly strains balance sheets...

No wonder HWZ members call Temasek: "Temasick"

50k USD bro, is erm, not a small amount in not-so-"maju" Malaysia.  The foreign expats surely can afford it, but not likely to be the case for all undocumented foreigners.
You should apply bro. Risk free rates are rising sharply now except when BOE messed things up yesterday...

Yes, for competitive bid, you can bid at any rate you like, minimum 1000 SGD up to 1 million SGD per competitive bid. If the auction result is such that your bid rate (e.g. my bid was 3.5%) is higher than the cut-off yield (3.32% in this recent issue), then your money will be refunded (unsuccessful application). If you bid 3.30% for example, and the cut-off yield is 3.32%, then you will be successful in the bid. If your bid rate is exactly the cut-off yield (e.g. you bid 3.32% and cut-off yield is exactly 3.32%), then you can expect partial allocation.

You need to put your funds upfront (again, 1000 SGD - 1 million SGD for competitive bid), the application opens 1 week before the auction date and closes 1 day before auction date. To earn some more bank interests, I usually apply at the last minute (around 5 pm for DBS, deadline is 9 pm the day before auction day) but there are risks associated so some people apply a few days earlier instead.

If you are successful in the bid, at around 5pm or 10 minutes past 5 the same day as auction results are announced, DBS will refund you the discounted value of the bill (i.e. your "interest") and the bill is held by MAS till maturity when the entire bill is retired at par value, i.e. (the 1000 SGD - 1 million SGD amount you bid for earlier). Of course, this is provided MAS/SG government is still functioning 6 months after the bill is issued.
   
If you are not successful in the bid, e.g. CDP account not yet set up, DCS service still not activated, or like in my recent case (today), my bid yield is higher than the cut-off yield, so my entire bid amount (1000 SGD) will be refunded around the same time as the case if bid is successful and discounted value is refunded, i.e. around 5 pm to 10 minutes past 5 the same day as auction results are announced.

Note that DBS is always the slowest among the 3 primary dealers in refunding unsuccessful bid/pay discounted value. OCBC and UOB usually refund unsuccessful bid/pay discounted value to you shortly after auction result, i.e. around 2-3 pm. DBS's 5 pm is the latest. So you might want to apply using OCBC/UOB accounts for T-bills if you have one. 

This is how it looks like in my DBS account transaction summary:



I applied for 1 6M T-bill 2 weeks ago on 14th of Sept (1k SGD deducted) and the auction was done on the 15th in which I was successful, so around 5:10 pm the discounted value was paid back to my account. Upon maturity next March year, the entire 1000 SGD will be paid back (if SG government is still financially sound). The most recent 1000 SGD debit yesterday refers to the 6M T-bill I applied yesterday which was not a successful bid and I am still waiting for the refund. 

EDIT: Refund just came in at 5:09 pm.



You can read red devil's first 2 posts in HWZ's SG T-bill thread. It's well explained there for you: https://forums.hardwarezone.com.sg/threads/...-bills.6769601/

Hope that helps bro, can always ask me here if you have problems with the application process.

SSB NOV 2022 rates are now published online.

https://www.mas.gov.sg/bonds-and-bills/Sing...e-Savings-Bonds

98% accuracy compared to the projected ones by https://www.ilovessb.com/

Rates are correct for all years except for the second year with a difference of 0.01%.

Note that due to the high rates max allocation might be lower for this one. 2 months ago it's 9k SGD, last month was 42k SGD due to the unfavourable rates.

Redeem once a month. Interest pro-rated if redeem.

As bro sgh stated, there will be pro-rated dividends paid based on a predefined formula: https://www.mas.gov.sg/bonds-and-bills/inve...s/how-to-redeem

(Scroll to bottom to find how accrued interests are calculated.)

There is no such thing as an "SSB account" bro. Your SSB bonds are registered under your CDP account. But if you have SingPass (for those with NRIC no. only, i.e. PR or Sporeans) and provided that your CDP account is registered with SingPass too, you can login here to check your SSB holdings: https://eservices.mas.gov.sg/ssb/

Otherwise (e.g. foreigner like me, or SingPass FIN no. holder). you need to check from CDP Internet/CDP statements.

Take note that the redemmed principal and interests are credited during the 2nd business day of the following month. The link I shared above has detailed information about the redeeming process, schedule and payment info.

Hope that helps bro.

Bros SGH and TOS,

Thank you very much for your replies,... yeah, I did invest into the SSB to park my funds a few years ago, and I recalled when I withdrew before 6 mths, I still got some dividends credited. No need to wait for a whole 6 mths to pass before getting hold of some earnings.

Yeah,.. I said something wrongly - there is no such thing as an 'SSB Acct.',.. what I meant to say was the bank acct linked to my CDP. And yes, I normally logged-on to my CDP session to chk my holdings inside CDP, incl my Astrea bonds and previously, my SSBs too.

This one still need to see how the Dec curve looks like towards the end of the month and USD/SGD movements. After upcoming Friday MAS policy statement release we may see more clarity.

Now the Dec curve is very flat, but only 25% accuracy.



September tranche when 10Y average rate is 2.8% and the 10th year rate breaks above 3% the max allocation is only 9k SGD. Nov tranche rates for all years, all above 3%. Surely much less than 9k. But if Dec yield profile looks a lot better than Nov then people might not subscribe Nov in large amount towards the end of this month to lock-in rates.

You may check HWZ forum on SSB discussions for bellwether: https://forums.hardwarezone.com.sg/threads/...006693/page-478 although these days the discussions are more on financial arbitrage planning of switching money from CPF OA to SSB/T-bills 

Ya, forgot to mention. Hansel can try the currently open 6M and 1Y T-bill applications too. Curiously, both applications have the same deadline: this Wednesday (12th Oct.) (9 pm for DBS). Then 2 days later we have MAS policy statement.

A hectic week for MAS (and possibly volatile SGD) ahead.