Ya SSB has 200k SGD limit too, so need to be wise in using your quota. It will definitely be less than 9k in September, but actual amount still depends in December rate.

Good morning bro, you have CDP account as well? (That would be 6 of us!)

T-bills and SSB can be applied through the 3 MAS primary dealers' website: DBS, OCBC and UOB.

Now that you mention DBS, here's how to apply:

For desktop login

1. Login to DBS ibanking portal.
2. Head to the top-right corner and hover mouse over the "Invest" tab and click on "Singapore Government Securities (SGS)"



3. You will see 3 options: SSB, T-bills or bonds. Select whichever product you would like to subscribe to.



Accept the terms and conditions whenever a pop-up box appear.



4. I choose SSB for illustration purpose because the upcoming T-bill details have not been announced by MAS yet.

So, in this page you see the currently open SSB issue. Take note of the issue code, maturity date and close date etc. Issue code and Maturity date are important if there are 2 products offered at the same time. E.g. last week there are 6 month and 1 year T-bills auctions happening at the same time. So be careful not to subscribe to the wrong product. For DBS application the application deadline is usually 9pm of the day before auction date for the respective products.



5. Select non-PR if you are not Sporean or PR. Check your CDP Securities No. is correct.



6. Enter the amount to bid, minimum is 500 SGD for SSB, 1000 SGD for T-bills and bonds. For T-bills, you will see other entries like type of bids: competitive or non-competitive bid and for comp bid, you will need to enter the bid yield you want. I will show another screenshot on the 26th of Oct when I will submit the bid to illustrate this.



For payment details, you can choose which DBS account you want to deduct the cash from, e.g. I have both Multiplier and My Account.



7. Click "Next" to get to the subsequent page and verify all the details are correct. Then click "Submit" and you are done.



Note that after you click "Submit" the cash is instantly deducted from your account, regardless of whether your application is successful eventually. So, to maximize interests from bank, you should submit your application "as late as possible", but leave some room for system issues. I usually bid around late afternoon the day before auction, but some may prefer 1-2 days earlier.

Hope the above info helps.

This post has been edited by TOS: Oct 17 2022, 09:28 AM

Thank you for the detailed explanation, TOS. So, the process of applying for T-Bills is somewhat similar to the process for Singapore Savings Bonds.


Yes, I do have a CDP account, but I use it only to purchase Singapore Savings Bonds.


So, what are the advantages and disadvantages of T-Bills, as compared to Singapore Savings Bonds? It is easier to understand the concept of Singapore Savings Bonds.

Hi again bro. Good to see another CDP account user here.

So the advantages of T-bills compared to SSB are:

1. No limit for total holdings (up to 1 million SGD per competitive bid, but no total holding limit, unlike 200k SGD total individual limit for SSB).
2. No 2 SGD service charge for redemption and purchase, respectively.
3. Ability to participate in market yield bidding process more often, i.e. T-bills once every 2 weeks vs once a month for SSB, thus may benefit more compared to SSB if <1 year rates are significantly/much higher than 1+ year yields.
4. Able to obtain higher (cut-off) yields compared to market price.

(Since SSB is intended for long-term holding, sometimes MAS will artificially lower the front-end of the yield curve to compensate for the long-end of the yield curve if yield curve inverts for example. You can refer to the technical specifications of SSB to learn more: https://www.mas.gov.sg/-/media/MAS/SGS/SGS-...A1B1B4128D3A63)

Specifically page 8, "Adjustments to Coupon Rates to Maintain Step-Up Interest Feature"



5. Able to redeem T-bills from primary dealers anytime with fast settlement (T+1 I think) as compared to SSB's "2nd business day of the following month".
6. CPF money is ineligible for SSB subscription but is eligible for T-bills.

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

The disadvantages of T-bills compared to SSB are:

1. Lower minimum denomination of 500 SGD for SSB vs 1000 SGD for T-bill.
2. Potential high spread when you sell your T-bill in the secondary market. No data is available on the spread though as most investors hold them till maturity. Will post here if I found any good reference.
3. Point 2 above may lead to illiquidity of T-bills. SSB does not have secondary market anyway and the SG government is the only counterparty to redeem your SSB. So, T-bill rates are subject to market movements more often than SSB due to frequent issuances (once every 2 weeks) and daily pricing.
4. Potential of suffering from capital loses if T-bills rate rise sharply vs "capital-protected" SSB. At least in SSB you can redeem and subscribe every month if rates increase, but be mindful of 4 (2+2) SGD "service charge" every time you do so.
5. T-bills rate are not known upfront, and competitive bids do not guarantee allocation if bid yield is higher than cut-off yield whereas you are guaranteed of getting SSBs provided your bid amount is less than the maximum allocation (e.g. 42k SGD for last month, 9k SGD 2 months ago). SSB rates are known (and can be predicted upfront). https://www.ilovessb.com/

This is what I can think of. Will add more if I can think of other points.

This post has been edited by TOS: Oct 17 2022, 10:17 AM

Yes, just test water only with small amounts.. will keep more for bottom fishing in the market.. where to park the SGD funds while waiting to fish?

For the ones with T+1 settlements I can only think of FSM parking facilities or perhaps those from other brokers. FSM MMF, even for those investing in purely bank deposits will incur 0.05% quarterly platform fee.

bro Hansel may have more recommendations.

FSM does not have platform fees for their cash management if I am not wrong.

You can use tiger or moomoo cash management service aka underlying fund is Fullerton money market fund. I think this Fullerton invest in FDs only.

This post has been edited by Ramjade: Oct 17 2022, 03:15 PM

If you check the MMFs listed they all mention quarterly platform fees of 0.05%.

https://secure.fundsupermart.com/fsm/funds/fund-selector

Er if we look at their auto sweep account. No platform fees.
https://secure.fundsupermart.com/fsm/

Yeah you are right. Scroll all the way to the bottom.
https://secure.fundsupermart.com/fsm/funds/factsheet/FUL015

This post has been edited by Ramjade: Oct 17 2022, 05:32 PM

SGX Counters 3Q earnings release date:

Next week (24-28 Oct):

26th Oct (Wednesday): iFAST aftermarket
27th Oct (Thursday): Keppel aftermarket
28th Oct (Friday): UOB premarket, Micro-Mechanics likely during noon (12.30pm), Wilmar aftermarket

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

Week after next week (31 Oct-4 Nov):

2nd Nov (Wednesday): Great Eastern premarket
3rd Nov (Thursday): DBS and Singpost premarket, Aztech Global aftermarket
4th Nov (Friday): OCBC, Capitaland Investment Ltd. premarket, SIA aftermarket

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

2 weeks after next week (7-11 Nov):

9th Nov (Wednesday): SATS aftermarket
10th Nov (Thursday): Singtel premarket
11th Nov (Friday): Frasers Property aftermarket

This post has been edited by TOS: Oct 27 2022, 06:49 PM

Ladies and gentlemen, Ilovessb.com has had a new upgrade and got even more powerful!

Introducing the new "Allotment" page: https://www.ilovessb.com/allotment

In hwckhs own words:





Source: https://forums.hardwarezone.com.sg/threads/...#post-144346888

BT 171022: https://drive.google.com/file/d/16X7DS4xMGa...iew?usp=sharing

MAS 12-week bill cut-off yield 4.25% p.a.!

https://www.mas.gov.sg/bonds-and-bills/auct...date=2022-10-21

Median yield already 3.78% p.a.

BT 181022: https://drive.google.com/file/d/1SeC87b-U9f...iew?usp=sharing

BT 191022: https://drive.google.com/file/d/1w3I8e6OwuZ...iew?usp=sharing

Yet another update from I Love SSB. https://www.ilovessb.com/swap

Now you may compare the cumulative returns/loses etc with a projected issue of SSB.

Use with care though as the figures are projected only.

Source: https://forums.hardwarezone.com.sg/threads/...#post-144386396

BT 201022: https://drive.google.com/file/d/1trtF6cQ53i...iew?usp=sharing

T-bills stuffs



Hock Lock Siew stuff on CPF rates



And a rare photo of Milton Friedmann visiting Singapore and giving his lecture.

hwckhs added historical SSB interest rates data to his website: https://www.ilovessb.com/historical-rates

Source: https://forums.hardwarezone.com.sg/threads/...#post-144418877

BT 211022: https://drive.google.com/file/d/1qBIzkrt7wT...iew?usp=sharing

Not sure why there is no FT Weekend today. Check back at IBKR thread tomorrow for any FT paper (for this weekend).

This post has been edited by TOS: Oct 22 2022, 01:04 PM

BT Weekend 22-231022: https://drive.google.com/file/d/1dyRLQWz9rC...iew?usp=sharing

Not sure why FT Weekend is still not available. As usual, will update in IB thread when newspaper is available.