Today's 6M bill auction result:

% of Competitive Applications at Cut-off Allotted	Approximately 37%
% of Non-Competitive Applications Allotted	100%
Bid-to-Cover Ratio	2.22
Cut-off Yield (Price)	3.83% p.a. (98.09)
Median Yield (Price)	3.7% p.a. (98.155)
Average Yield (Price)	3.44% p.a. (98.285)

Source: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-05-02

SSB May 2023 allotment result:

Total amount applied	S$705.5 million
Total amount within individual allotment limits	S$697.2 million
Total amount alloted	S$697.2 million

Basically everyone gets allotted...

Source: MAS, HWZ



This post has been edited by TOS: Apr 26 2023, 04:34 PM

Just something to share with you guys who bid for T-bills in the primary market.

After derivative class today, my professor was sharing some "off-topic" stuff with some students. He mentioned about how i-banks/traders edge out other competitors in the market with "art" skills.

One interesting thing he mentioned is that primary market T-bill issuance in the US is usually overpriced relatively to older issues (those bills issued 2-3 weeks ago) due to recency bias. So traders/bankers will tend to look for cheaper bills in the secondary market if they need to buy them.

I am not sure how true is this in SG's T-bill market. But I recall in some past hot SG T-bill issues (BTC ratio approx. 3 and above), the T-bills are indeed overpriced...

Whereas institutional investors can shop in both primary and secondary market to do some arbitrage, we retail investors are pretty much limited to primary market only due to the high cost of transacting with the 3 SG primary dealers.

Just something good to know.

Report on the latest 6M T-bill and SSB May 23 issuance, from BT 270423:

SSB June 2023 announced. https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-06-01

Yields almost flat for all 10 years at 2.81% p.a.

Quotation of taxable book-entry Singapore Government Bonds, from BT 020523:

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	3.92%	3.97%
Median yield	3.75%	3.8%
Average yield	3.05%	3.15%
BTC ratio	1.8	2.19

Source:

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

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

Both 1-month and 3-month COY still shy of 4%, COY declined a little compared to last week's issuance.

BT 030523 reporting on June SSB's issuance.

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	3.98%	3.9%
Median yield	3.75%	3.84%
Average yield	3.14%	3.31%
BTC ratio	1.84	2.42

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-05-12

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-05-12

Both 1-month and 3-month COY still below 4%, COY declined further from last week's issuance.

Demands for both bills are hotter compared to last week's. Counting down 1 month from US debt ceiling crisis...

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% - 3.70% p.a.



Onshore SGD implied yield based on same condition as above: 3.66-3.69% p.a.



MAS published last bid quote (by primary dealers) of BS23108A maturing 31 Oct 2023: 3.73% p.a. https://eservices.mas.gov.sg/statistics/fda...ssuePrices.aspx

Looking at above figures, I will bid 3.70% p.a.

Stuff from BT 100523:



Waiting for 1 pm today...

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	2.39
Cut-off Yield (Price)	3.78% p.a. (98.115)
Median Yield (Price)	3.6% p.a. (98.205)
Average Yield (Price)	3.26% p.a. (98.374)

Source: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-05-16

Interesting stats on SSB from MAS: https://www.mas.gov.sg/news/letters-to-edit...e-savings-bonds



Sourced from lzydata/HWZ.

looks like there are not much money to go around

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	3.989%	3.94%
Median yield	3.7%	3.83%
Average yield	3.05%	3.49%
BTC ratio	1.96	2.07

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-05-19

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-05-19

The closer to the US debt ceiling X-date, the lower the yield... The short-end one (4-week) is hotter in demand compared to the 12-week issue, BTC almost touching 2.

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	4.22%	4.08%
Median yield	3.83%	3.9%
Average yield	3.47%	3.47%
BTC ratio	1.74	2.06

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-05-26

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-05-26

Wow both COY above 4%. Can we see 4% COY on Thursday's 6M bill auction?

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

Offshore SGD implied yield based on SG OIS SORA and US SOFR reference curve: 3.74% - 3.83% p.a.



Onshore SGD implied yield based on same condition as above: 3.75-3.79% p.a.



MAS published last bid quote (by primary dealers) of BS23109E maturing 14 Nov2023: 3.77% p.a. https://eservices.mas.gov.sg/statistics/fda...ssuePrices.aspx

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

Today's 6M bill auction result:

% of Competitive Applications at Cut-off Allotted	Approximately 2%
% of Non-Competitive Applications Allotted	100%
Bid-to-Cover Ratio	2.3
Cut-off Yield (Price)	3.85% p.a. (98.08)
Median Yield (Price)	3.6% p.a. (98.205)
Average Yield (Price)	3.15% p.a. (98.429)

Source: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-05-30

Just a reminder: Today is the last day to apply for June 2023 SSB.

Application closes at 9 pm.

Long-term yields will go lower if US defaults on its short-term debt (long-term ones are not technically defaulted, hence investors will aggressively purchase them, compressing US long-term yields, affecting SG as well).

This post has been edited by TOS: May 26 2023, 09:37 AM

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	4.21%	4.21%
Median yield	3.85%	4.08%
Average yield	3.23%	3.54%
BTC ratio	2.03	1.88

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-06-05

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-06-05

Both COY still stay above 4%.

The median yield of 3M bill is now the COY of the 3M bill issued last week!

50% 3M bill investors bid above 4.08% p.a.!