This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	4%	4.01%
Median yield	3.85%	3.9%
Average yield	3.31%	3.45%
BTC ratio	1.94	1.86

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-08-25

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-08-25

The 12-week demand is quite weak. Usually the BTC will be above or close to 2.

For those following SSBs and SGS news:



Source: hwckhs/HWZ

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

Long-term yields creeping up means SSB may start to become more attractive.

The latest projection for SSB Oct 2023 rates can be seen here: https://www.ilovessb.com/projection/SBOCT23

This post has been edited by TOS: Aug 22 2023, 11:24 PM

For those who care about "technicalities" of SSB:



https://www.mas.gov.sg/bonds-and-bills/sing...e-savings-bonds

Source: hwckhs/HWZ

A warm reminder for our friends who wish to buy SSB and bid for the 2-year SGS.

Source: vsvs24/HWZ

This post has been edited by TOS: Aug 28 2023, 02:20 PM

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	4.19%	4.1%
Median yield	3.97%	3.99%
Average yield	3.49%	3.51%
BTC ratio	1.61	1.85

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-09-04

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-09-04

The 4-week and 12-week yields are now inverted, with 4-week yield > 12-week yield. Both issues seem to get cooler responses, 4-week BTC drop to 1.61 only.

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

Offshore SGD implied yield based on SG OIS SORA and US SOFR reference curve: 3.69% - 3.74% p.a.



Onshore SGD implied yield based on same condition as above: 3.97-3.99% p.a.



MAS published last bid quote (by primary dealers) of BS23116F maturing 20 Feb 2024: 3.75%

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

Looking at above figures, I will bid 3.7% p.a.

First ever salary I receive in my life is used to buy 6-month SG T-bill.

X marks the spot! Hopefully I am one of the 29%...

Today's 6M bill auction result:

% of Competitive Applications at Cut-off Allotted	Approximately 29%
% of Non-Competitive Applications Allotted	100%
Bid-to-Cover Ratio	2.04
Cut-off Yield (Price)	3.7% p.a. (98.155)
Median Yield (Price)	3.57% p.a. (98.22)
Average Yield (Price)	2.95% p.a. (98.529)

Source: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-09-05

This post has been edited by TOS: Aug 31 2023, 03:46 PM

Successful!



Looks like the 29% limit is applicable to those who bid much higher than the minimum 1000 SGD denomination, so retail investors are "taken care of", not unlike SSB's "quantity ceiling" format.

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	4.04%	4%
Median yield	3.85%	3.95%
Average yield	3.39%	3.58%
BTC ratio	1.95	2.24

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-09-08

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-09-08

12-week COY is at the boundary - 4%. Both COYs fell by some 10 bps from last week, but demand is hotter this time comparatively.

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

In another news, SSB Oct 23 is now available for subscription. Amount offered = $800 million. 10-year average yield is 3.16% p.a.

https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-10-02

As lzydata commented, "Amount offered is up significantly from previously $600m, hasn't been so high since SBJAN23's $900m."

This post has been edited by TOS: Sep 5 2023, 01:30 PM

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	4.06%	4.05%
Median yield	3.9%	3.96%
Average yield	3.5%	3.56%
BTC ratio	1.68	1.92

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-09-15

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-09-15

Yields keep falling. BTC ratios rose slightly... High chance COY for tomorrow's 6 month T-bill will be below 3.7%...

This post has been edited by TOS: Sep 12 2023, 01:38 PM

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

Offshore SGD implied yield based on SG OIS SORA and US SOFR reference curve: 3.70% - 3.75% p.a.



Onshore SGD implied yield based on same condition as above: 3.98-4.01% p.a.



MAS published last bid quote (by primary dealers) of BS23117Z maturing 05 Mar 2024: 3.72% p.a.

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

Looking at above figures, I will bid 3.65% p.a. This time I bid 2000 SGD, 1000 SGD from DBS, 1000 SGD from OCBC. Testing with OCBC's service.

*Note: I still haven't received my OCBC Frank debit card yet, but I think the bank accounts should be fully functional by now.

lol it's Bloomberg Terminal. I access it via my university's portal. Most universities' library will have at least 1-2 of these installed. Some unis' business school have a "mock" trading floor with scores of these installed.

https://www.bloomberg.com/professional/solu...mberg-terminal/

Yea its quite decent. It's used widely in the industry, traders can place orders from bankers via the Bloomberg chat/messaging app for OTC orders.

Today's 6M bill auction result:

% of Competitive Applications at Cut-off Allotted	Approximately 55%
% of Non-Competitive Applications Allotted	100%
Bid-to-Cover Ratio	2.03
Cut-off Yield (Price)	3.73% p.a. (98.14)
Median Yield (Price)	3.58% p.a. (98.215)
Average Yield (Price)	3.05% p.a. (98.479)

Source: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-09-19

OCBC's damn fast!



Got SMS notification as well!

Discount money also credited liao...



Next round gonna use OCBC. Time to say bye bye to DBS for T-bill application!

This post has been edited by TOS: Sep 14 2023, 01:55 PM

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	4.07%	4.06%
Median yield	3.9%	3.95%
Average yield	3.46%	3.64%
BTC ratio	1.97	2.18

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-09-22

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-09-22

Yes, yes! Open to all nationalities, no need to be PR or Singaporean. All foreigners are welcomed, except those who fall into this list:

https://www.mas.gov.sg/regulation/anti-mone...ncial-sanctions

To buy T-bills, SGS or SSB, you need a CDP account plus a bank account with the primary dealers (either DBS, UOB and/or OCBC).

Also take note that we are "tiny" retail investors, so we can't access the secondary market like big institutional investors do. This illiquidity means you must be prepared to hold the T-bills/SGS till maturity. SSBs may be sold back to MAS every month, but will incur a 2 SGD service charge.

You have SG address? A bank statement showing a Singapore address will suffice.

So, the key thing is to open DBS/OCBC/UOB account with SG address. And to do that, you need a proof of SG residential address from your employer/university/school etc.

DBS/OCBC/UOB account with SG address -> guarantee can open SG CDP account.

Ok, just a tip: If you have family members in SG, you can use their address and tell your employer/uni/school that you stay at their place during student exchange or short working trip to SG.

Then the company/uni/school will issue a proof of residential address with your family member's SG address.

The biggest downside (as I discover now...) is lost of privacy and lots of letters spamming your relatives' mailbox (especially if you open DBS account ).

Oh in this case you need intermediaries like ETF or MMF funds. SGD side a popular choice is Fullerton SGD Cash Fund (which invests in MAS bills instead of T-bills, together with SGD loans to other commercial banks). USD side can consider BIL ETF.

https://www.fullertonfund.com/funds/fullerton-sgd-cash-fund/ (can be purchased at FSM SG, Moneyowl (soon will be part of iFAST Global Markets), POEMS, Dollardex etc.)

https://www.ssga.com/us/en/intermediary/etf...-t-bill-etf-bil (available via major brokers e.g. IBKR, FSM MY/SG, Futu Moomoo, Tiger, Endowus, Stashaway, Syfe Trade, Webull, TD Ameritrade etc.)

This post has been edited by TOS: Sep 19 2023, 05:30 PM