No, I am a strong believer in the "1 market 1 price" mantra. I don't treat bidding in an auction like some fun number/lottery game where you "test water" with multiple bids and hope all stars aligned.

So just 1 yield for each auction. If it does not meet my expectation, I will go in next round or move my funds elsewhere.

Of course it's totally fine if you submit multiple bids. I just feel like such action distorts the market pricing and is a very irresponsible market abusing behaviour.

This post has been edited by TOS: Nov 10 2022, 04:51 PM

I have no moral obligation to care about price movement. I bid at the price I want. Whether you want to sell to me at this price/yield is entirely your choice. We have different moral views haha. (My fiduciary duty is to "get the best execution price for my client (i.e. me)", not "generating liqudity and ensure market moves smoothly". That is the job of a market maker, which is why you have primary dealers for T-bills.)

Fair enough. But that is if you have the capital to do so. Retail investors won't have that luxury unless you go in at 10-20k SGD each time. It would be nice if I can split my bids at 100 SGD for 10 different bids, but minimum is 1k SGD, so I reserve that for the highest yield I believe to be reasonable.

Anyway, this is an auction, not continuous market making. In typical Sotheby-like artifacts auctions, I don't see bidders "split" bids like what you mention. The bidders just throw out any price they deem reasonable. MAS bills auctions differ from Sotheby-like auctions in that you can't inspect the order books before hand, nor can you see what other bidders are bidding in real-time. So there is no way you can "split" bids while ensuring no one bumps into you at the price range you bid. Not sure if your IBKR comparison is relevant to either case.

This post has been edited by TOS: Nov 10 2022, 07:10 PM

Arghhhh.... Those kiasu kiasi bidders!!!





Source: https://www.mas.gov.sg/bonds-and-bills

This post has been edited by TOS: Nov 10 2022, 07:49 PM

You got a point. I should drop the word "very".

We underestimated CPF power... Many Sporeans like my SG friend also got refunded. They bid around 4.2-4.5% too.

I wonder how those institutions would react. I don't believe they bid at 4% p.a, judging by the fact that just a few days back 50% bid between 4.2% to 4.6% for a 12-week/3-month bill.

My SG friend said yesterday next round he gonna bid 3% only...

I think T-bills are no longer "investible" going forward with retail money influx.

We can tell going forward if divergence is spotted in yields between MAS bills and T-bills auctions.

For interest rate hikes, we will need to see CPI numbers in the future. If next month the number exceeds consensus all profits now will surely be erased.

The spread wasn't that terrible last few rounds. It's always been 50bps behind US 6 month, last round (2 weeks ago) 20 bps above US 6 month. Now suddenly 60-70 bps behind US 6 months. That's too volatile a change.

As for divergence in yields. If you compare 3M to 6M, it wasn't too bad in the previous few rounds. All differences are reasonable to within few bps to 20 bps.

MAS 3M	T-bill 6M
» Click to show Spoiler - click again to hide... «	» Click to show Spoiler - click again to hide... «

And that's even with retailer coming in and started spoiling the party since August... This round is really unprecedented.

The Fed is wholly focused on getting inflation down. Uhmm... what other numbers matter more than CPI/PCE readings?

Ya, can you please ask your "cheng hu" to revise their age-old CPF OA rates determination system?



GIC is more than pleased to borrow 2.5% p.a. from you guys to invest...

Anyway, some Sporeans think this is national service...

This post has been edited by TOS: Nov 11 2022, 11:09 PM

Just curious, did you transfer your OA to bid for the most recent 6M T-bill as well? The process is still paper-based right? (from what I read on HWZ).

Try to apply on phone. M (in SR4M and SR7M) is for mobile. If use ibanking portal on desktop, I think the code is SR4D and SR7D. (D for desktop).

https://www.foodiesg.com/archives/52459?fbc...dvCM5EPZHkUEudE

I received similar FD promotion when I login to ibanking desktop as well a few days back. It was something like SR4D or SR3D back then. But alas, no 20k SGD...

Take note though, for DBS and POSB early withdrawal will incur penalty charges, as confirmed in HWZ. https://forums.hardwarezone.com.sg/threads/...#post-144734423

This post has been edited by TOS: Nov 12 2022, 01:28 PM

I can now confirm SR4D and SR7D are the right promo codes. Can do it on desktop ibanking portal over weekend. See screenshots below.

Can't find the info on HWZ, but on DBS's official website, they say:



Source: https://www.dbs.com.sg/personal/deposits/fi...s/fixed-deposit

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

Extra info: https://zh-tw.facebook.com/dbs.sg/posts/dbs...05885026192384/

DBS India charged 1% of the effective rate of interest: https://www.dbs.com/digibank/in/articles/sa...interest%20rate.

This post has been edited by TOS: Nov 12 2022, 03:08 PM

From BT 111122:

2023 Auctions and Issuance Calendar is out

https://www.mas.gov.sg/bonds-and-bills/auct...suance-calendar

MAS bill auction results yesterday for reference:

1M cut-off 3.89% median 3.7% average 3.1%
3M cut-off 4.42% median 4.25% average 3.76%

Source:

4-week/1M: https://www.mas.gov.sg/bonds-and-bills/auct...date=2022-11-18

12-week/3M: https://www.mas.gov.sg/bonds-and-bills/auct...date=2022-11-18

This post has been edited by TOS: Nov 16 2022, 04:33 PM

Found something for you:

https://forums.hardwarezone.com.sg/threads/...#post-144814517



This post has been edited by TOS: Nov 17 2022, 12:12 PM

MAS only increased amount from 4.5 to 4.8 billion SGD... 6.7% increment...

No... please no...

Ok lah you wanna help Sporeans force hand at cheng hu to lend monies to GIC at higher rates. This is a noble effort... (beware though, PAP may not like you )

But I will most likely bid at 4.5%. See how next week's 3M rate goes.

Some banks offering higher rates for CPF account holders. May help to divert the fund flow to T-bills.

https://www.straitstimes.com/opinion/forum/...using-cpf-funds