Reminder : SSB and T bill closing date tomorrow.

Just applied SSB 15k and T bill 25k this morning thru DBS ibanking.

BT 241022: https://drive.google.com/file/d/1D6hPepBGiW...iew?usp=sharing

File size is larger because there is a BT supplement in the middle pages about SIAS Investors' Choice Awards 2022.

Check if your favourite SGX-listed companies won any award.

What did you bid for your T-bill? Or you go for non-comp?

I just went for the non-comp.

Now everything is positive yield so it's fine. If risk-free rates are negative, you ought to be more careful with non-comp.

What rate you have in mind this time?
Still thinking whether to try Competitive Rate.

4.1% p.a., will bid tomorrow.

Range should be 3.9% to 4.1%, midpoint 4%. I bid at the high end.

US yield around 4.55% https://www.investing.com/rates-bonds/u.s.-...onth-bond-yield

SGD appreciated around 1% against USD since last issue of T-bill whose auction was also 1-2 days before MAS policy statement.

Plus our kiasu kiasi HWZ friend also bid 3.8 to 3.9% (No offence.)

So, I think 3.9 to 4.1 is reasonable enough. You can bid at the low end of 3.8% or 3.9% or just go for non-comp if you are determined to get the issue regardless of the yields.

All numbers quoted per annum (p.a.), except SGD/USD appreciation rate.

This post has been edited by TOS: Oct 25 2022, 06:31 PM

can only bid once or can ladder a range?

Wow you got CDP account also?

It's flexible. You can submit multiple competitive bid with different yields or a mixture of non-competitive bid and competitive bid. Non-competitive bid maximum is 1 million SGD per auction but no limit for total individual holdings.

The maximum allocation rule for competitive bid is a bit complicated, can check here for details: https://www.mas.gov.sg/bonds-and-bills/inve...s-are-conducted

In general, 1 mil max for non-competitive bids and not more than 15% of issuance size for both comp + non-comp bids per auction.

This post has been edited by TOS: Oct 25 2022, 07:35 PM

no cdp. just learn for fun

Thanks for the info!
Maybe I will try 3.9 or 4%.
Even cant get it this round can always try again next month.

BT 251022: https://drive.google.com/file/d/1ltTnb3P9BQ...iew?usp=sharing

We just got a very reliable indicator for tomorrow's 6M T-bill auction.

12-week MAS bill auction results today: https://www.mas.gov.sg/bonds-and-bills/auct...date=2022-10-28

Cut-off 4.35%, median yield 4.2%. But average a bit low at 3.59%.

Median yield moving closer to cut-off, suggesting many bidding between 4.2-4.35% p.a. for a 3M equivalent T-bill.

All number in units of p.a.

Bro,... I looked at the T-Bills screen yesterday,... I saw only the 182 days tenure. 182 days = 6-mths.

Where is this 3-mth tenure T-Bill ?

Secondly,... wouldn't your funds be locked-up for 3 or 6 -mths if you go for these T-Bills ? What if the mkt turns suddenly and you wished to deploy your funds ?

Hi bro.

3 month is just a hypothetical comparison. MAS stopped issuing 3M T-bills since 12 Dec 2013.

Yes, funds will be locked up for 6 months/1 year in general. If you need, you can sell OTC via the 3 primary dealers (UOB, OCBC, DBS). But in general do expect some spread there (I have no data on spread as I have not found anyone who sold these bills and commented over the Internet).

So, you need to time your cash flow well enough as most people hold till maturity.

If anyone stay in SG can drop by any DBS, OCBC and UOB branch to query about T-bill spread that would be very nice info to update us here.

A phone call to the branch can also be sufficient already if I am not mistaken.

Thanks!

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Add-on: Today is also the last day to redeem previous months' SSB(s) if you want to subscribe to Nov/Dec22 or future issues with higher average rates. Remember to do so before 9 pm.

This post has been edited by TOS: Oct 26 2022, 04:25 PM

I have subscribed on the first week of october for the Nov SSB, bro,... tq for your help,.....

Looks like there are too 1-mth and 3-mth instruments, namely MAS Bills, but these are reserved for insto's only. I Whatsapp'ed my RM after reading yoru reply above,... he said must find a buyer for this,... adn the spread depends upon how close the T-Bill is to redemption. The nearer to Redemption Day, the larger the spread,... guess she makes money there too.

The spread starts at 2% betw buy-and-sell upon issue,.... but I think this depends on the RM,... and on the bank that you're dealing with. If you have a good relationship with the bank,... probably the spread is smaller. Hoped this helps, bro,...

Thanks a lot bro! Very useful info here.

So spread is 2%. If sell before maturity then your return would be shaved off by 2%...

iFAST results: https://links.sgx.com/1.0.0/corporate-annou...d5d32ae5e1aa88f

BT 261022: https://drive.google.com/file/d/1qT9j95QjR6...iew?usp=sharing

BS22121F 6M T-bill result out! https://www.mas.gov.sg/bonds-and-bills/auct...date=2022-11-01

(PDF version): https://www.mas.gov.sg/-/media/MAS/SGS/SGS-...E1740EB9179768A

Cut-off: 4.19% p.a.

Median: 3.9% p.a.

Average: 3.44% p.a.

Bid-to-Cover Ratio: 2.38

% of Competitive Applications at Cut-off Allotted: Approximately 14%

Indeed close to what I bid

Non-comp nearing the 40% limit... 1.8 billion allocated out of 4.6 billion, or about 39%.

This post has been edited by TOS: Oct 27 2022, 01:28 PM