If I exit, wouldn't know what to buy next,..

SGD:MYR now 3.16 😳

Lai lai when will MYR become stronger chartist? 

Wanna convert more of my MYR to USD and SGD

Suddenly MYR jump in the afternoon..BNM intervention? 🤔

It was near 4.36 in morning, n now about 4.32.

BT 07-080522 (weekend):
"Zero-commission trades don't mean free trades in many cases"

"Office lunches may not prove much costlier as low demands caps CBD food prices"

Was looking at T-bills, SGS bonds and SSB bonds.

The most recent 6-month SG T-bill cut-off yield is 2.36% p.a. https://www.mas.gov.sg/-/media/MAS/SGS/SGS-...1581578EE0031EA

Looking at a 6-month Malaysia bank FD rate is only 2.45% p.a. by CIMB eFD. https://www.myfdrates.com/, similar MGS yields are also around 2.7% p.a. https://www.bnm.gov.my/government-securities-yield

How come the yield spread is so little? dwRK No wonder capital outflow from Msia.

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.

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.

And I have not yet graduated from uni, no certificates and no accreditions. I find it funny I can make you "stick" to certain concepts.

Today I attended my Fixed Income class and learnt about Mortgage-Backed Securities. Finally I know what's going on with Astrea bonds.

I attach the slides of today's lecture (minus the first page which has my prof's name...)



I think the content of the slide is self-explanatory.

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

In fact that is how Freddie Mac, Fannie Mae and Gennie Mae make money. US commercial banks originate the residential real estate loans and the 3 US agencies are the "SPVs" that package them into ABS/MBS that is then sold to the market.

You (and US home owners) almost always pay a a mortgage rate higher than T-bill/risk-free rates. The three US agencies package the loans and "guarantee" the final MBS in the name of Uncle Sam so the market prices it as near "risk-free" assets, i.e. the MBS pays near risk-free rates. The resulting spread in rates (mortgage rate - near "risk-free" rates = profit for the SPVs and the US commercial banks).

Astrea's situation is almost the same, except this time, the SPV (Azalea) is also owned by Temasek (the originator of the PE funds). The assets are now PE funds instead of residential real estate loans. The same way of making money. Pool together a bunch of underperforming/risky stuffs, bundle them and sell at a higher price to the market (i.e., a lower yield/rate to pay from SPV's point of view, the difference is the SPV's (and hence Temasek's) profit).

Whereas Ginnie Mae have strict standards for loans (e.g. LTV ratio < 80%, limit on individual loan amounts etc.), there is nothing to stop Azalea from working in the interest of the final ABS buyer (you, the Astrea bondholders). In fact, quite likely Azalea works in Temasek's interest, i.e., what the slide in the screenshot above illustrates.

[attachmentid=11465668]

Damn NTU eats away my salary...

MOE guideline says salary raised by 22000/36 months = 611.11 SGD  month, instead NTU raises our salary by 500 SGD a month to 2700 pre-qualifying exam and 3200 after QE...

     

School can go against cheng hu!

BT Weekend 20-210124: https://drive.google.com/file/d/1dK8NVU9Otf...iew?usp=sharing

Finally the Shanghai girl is going to meet me today, one to one!

First time going out with a girl alone in my life!

Have a great weekend everyone.

BT 220124: https://drive.google.com/file/d/1GwID1NA8ai...iew?usp=sharing
Well, at least you found a wife... and live happily...

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

She's from a well-to-do background, parents hate communists (father from warlord family, mother from landlord family, wealth and powers seized during the Mao's Communist era). Since I am not a Communist sympathizer, she said I passed the "first test" from her parents.

Notwithstanding the fact that she's no longer a virgin and her short hookup past "due to horniness and impulsiveness..."  , I enjoy chatting with her on various topics. She shared some tips like buy a house in eastern part of SG as the good schools are there (like Victoria JC). She didn't do well in her studies in NUS as she switched from Economics to Philosophy halfway (so one needs to finish 4 years of course in 2 years). She said she graduated with a Bachelors with Merit instead of honors.

She said she slept for 2 hours only that morning, so was super tired. She also said she wanted to start her own musical band and she's a fan of 焦恩俊. We had dinner together and thereafter I bought her a S$11 milkshake... She helped edit my CMB profile, changed the picture orientation and gave me some "dating advice"...

I "escorted" her back home thereafter and handed her some Taiwanese biscuits as a gift. 

I asked her out for a second date and I just shared my weekly schedule with her yesterday. She hasn't replied thus far.

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

Yesterday's Bachata dance allowed me to understand bank's IT stuff better. UOB has 2 data centers in SG. The main and central one is in Alexandria (near to HarbourFront) and a backup one is located in Tampines.

In another news, the Visa friend I met last week told me Visa helps banks to promote their cards to cardholders (so that they can earn more interchange fees from you all...). Some banks do this by themselves (usually SG and other Asian banks) while US banks (Citi, JP Morgan etc.) tend to outsource this job to Visa. Visa will hold your transaction records and with the bank's sharing of your personal data to Visa, the combined database allow Visa to "target" you to nudge you towards spending more with your cards. (E.g. send promo emails to someone who use cards at ATM more often so that they spend at POS machines instead...).

Just so you know...

Singapore Key Household Income Trends, 2023
https://www.singstat.gov.sg/-/media/files/n...ss07022024.ashx

Nicely done, bro. 
Yeah. The US market is giving great returns. What's inside QQQ?
Looks like QQQ is more price appreciation. Yield is very low.
As a retireee, i like my yields. 

If you are looking for capital gains connected to QQQ, you may want to have a look at TQQQ ProShares UltraPro QQQ

Yes. Performance is great.. My retirement fund is only 12% so far this year, maybe I should reduce my contribution. But I lack the discipline to invest myself. Hence always force system to do it.

Yield.. Do you reinvest them or cash out?

QQQ should be a collection of top US stocks.

Yes. I know about TQQQ, looks cheaper than QQQ too (just kidding on the price)

comparing past 5 years with dividend reinvested... boring qqq still wins, assuming the info is correct (sometimes they extract wrong info from wrong website).

Summary
IBKR: $1,000 -> $2,316.90
SCHW: $1,000 -> $1,602.10
QQQ: $1,000 -> $2,532.30

Among the available options, QQQ has provided the highest return over the past five years when dividends are reinvested.

Hi bro,....... I have just finished reading the 30+ pgs,... 

Don't know if I've wasted my time or not,...

https://theedgemalaysia.com/node/730798

https://www.taxathand.com/article/38335/Mal...iduals-extended
One more thing : Since the exemption is for 10 years until Dec 31, 2036, why is the IRB asking for details on income which has been exempted from tax ?

Any ideas, bros and sis ?

Just back today and browsing thru my favourite forum,...

Bro, above exemption that you showed is a general exemption that will be in-place when the said Foreign-Sourced Income (FSI) taxation kicks-in in 2036.

Today, ALL FSI brought into Msia is tax-exempted, inclusive of dividends and interest that have NOT been taxed at the ctry-of-origin.