Finally...

Today's 6M bill auction result:

% of Competitive Applications at Cut-off Allotted	Approximately 2%
% of Non-Competitive Applications Allotted	96%
Bid-to-Cover Ratio	1.91
Cut-off Yield (Price)	3.99% p.a. (98.01)
Median Yield (Price)	3.5% p.a. (98.255)
Average Yield (Price)	2.87% p.a. (98.569)

Source: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-07-11

This post has been edited by TOS: Jul 6 2023, 08:23 PM

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	4.2%	4.16%
Median yield	4%	4.12%
Average yield	3.48%	3.58%
BTC ratio	1.86	2.16

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-07-14

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-07-14

This post has been edited by TOS: Jul 18 2023, 02:34 PM

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	4.18%	4.15%
Median yield	4.03%	4.08%
Average yield	3.41%	3.69%
BTC ratio	1.65	1.84

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-07-21

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-07-21

Last day guys. 9pm deadline for 6M T-bill (cash) application.

MAS primary dealers quoted 3.87% for the recent 6M issue (BS23113V issued 2 weeks ago, back then COY was 3.99% p.a.)

https://eservices.mas.gov.sg/statistics/fda...ssuePrices.aspx

Looks like US inflation data in the past week has compressed the risk-free yields, hard to get 4%...

I bid 3.85% p.a.

Approximately 3.8-3.9% p.a. (annualized) in SGD terms for a 6-month Treasury bill.

Today should expect a cooler auction compared to the 3.99% 2 weeks ago as 6M yield already dipped below 3.9%. You can check MAS's website after 1 pm and usually the results will be published before 2pm.

https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-07-25

This post has been edited by TOS: Jul 20 2023, 12:06 PM

Looks like another hot issue... 2 pm already but still no news.

Wow I bid right on the spot...

Today's 6M bill auction result:

% of Competitive Applications at Cut-off Allotted	Approximately 26%
% of Non-Competitive Applications Allotted	100%
Bid-to-Cover Ratio	2.18
Cut-off Yield (Price)	3.85% p.a. (98.08)
Median Yield (Price)	3.65% p.a. (98.18)
Average Yield (Price)	2.88% p.a. (98.564)

Source: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-07-25

This post has been edited by TOS: Jul 20 2023, 02:20 PM

I think it's randomized across all bidders who bid at the COY. Since I bid the minimum 1k SGD, I might get full 1000 SGD allocation or nothing. We will see later at 5:10-5:15 pm. if the full 1k SGD principal is refunded or only the "discount" is refunded.

Yea, I bid via cash application. You just need a CDP account plus bank account with DBS, UOB and OCBC.

Full allocation.

This week's MAS Bill auction results (yesterday's results):

Tenure	4-week	12-week
Cut-off yield	4.12%	4.14%
Median yield	4%	4%
Average yield	3.27%	3.52%
BTC ratio	2.07	1.9

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-07-28

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-07-28

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Today 1 year T-bill cash application bidding will close by 9 pm. Can check MAS's primary dealers' quotation at 5-6 pm: https://eservices.mas.gov.sg/statistics/fda...ssuePrices.aspx

I think I may skip this round, now that I am in SG, got more options to explore. 3.66% tied up for one year not very enticing...

Today's 1Y bill auction result:

% of Competitive Applications at Cut-off Allotted	Approximately 75%
% of Non-Competitive Applications Allotted	100%
Bid-to-Cover Ratio	2.11
Cut-off Yield (Price)	3.74% p.a. (96.27)
Median Yield (Price)	3.5% p.a. (96.51)
Average Yield (Price)	3.09% p.a. (96.918)

Source: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-08-01

I didn't bid this round.

This week's MAS Bill auction results (yesterday's results):

Tenure	4-week	12-week
Cut-off yield	3.98%	3.94%
Median yield	3.85%	3.85%
Average yield	3.2%	3.20%
BTC ratio	1.94	2.36

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-08-04

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-08-04

Opps, the COYs dropped below 4%... what could this mean for tomorrow's 6M T-bill application...

MAS's primary dealers' quotation for BS23114A: 3.85% https://eservices.mas.gov.sg/statistics/fda...ssuePrices.aspx

So, I bid 3.85%... Kind of risky. Normally I will put 3.80%... But now I'm in SG got more choices.

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

Interesting insights to be found in "Oral reply to Parliamentary Questions on implications of strong Singapore Dollar on MAS' losses" for SG parliament sitting today:

https://www.mas.gov.sg/news/parliamentary-r...r-on-mas-losses

Today's 6M bill auction result:

% of Competitive Applications at Cut-off Allotted	Approximately 65%
% of Non-Competitive Applications Allotted	100%
Bid-to-Cover Ratio	2.24
Cut-off Yield (Price)	3.75% p.a. (98.13)
Median Yield (Price)	3.64% p.a. (98.185)
Average Yield (Price)	3.17% p.a. (98.419)

Source: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-08-08

The downgrade of US sovereign credit rating to AA+ only leaves a handful of countries with AAA rating like Singapore and Switzerland, probably some funds rushing towards SG T-bills last minute yesterday.

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	4%	4.02%
Median yield	3.82%	3.89%
Average yield	3.23%	3.53%
BTC ratio	1.9	2.24

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-08-11

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-08-11

COYs back above 4%

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	3.99%	3.95%
Median yield	3.87%	3.89%
Average yield	3.36%	3.39%
BTC ratio	1.9	2.32

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-08-18

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-08-18

COYs dipped below 4%...

6M T-bill auction closes at 9 pm today.

Offshore SGD implied yield based on SG OIS SORA and US SOFR reference curve: 3.65% - 3.73% p.a.



Onshore SGD implied yield based on same condition as above: 3.88-3.91% p.a.



MAS published last bid quote (by primary dealers) of BS23115E maturing 6 February 2024: 3.75% p.a. https://eservices.mas.gov.sg/statistics/fda...ssuePrices.aspx

Looking at above figures, I will bid 3.75% p.a.

Today's 6M bill auction result:

% of Competitive Applications at Cut-off Allotted	Approximately 23%
% of Non-Competitive Applications Allotted	100%
Bid-to-Cover Ratio	2.11
Cut-off Yield (Price)	3.73% p.a. (98.14)
Median Yield (Price)	3.63% p.a. (98.19)
Average Yield (Price)	2.86% p.a. (98.574)

Source: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-08-22