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

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.