In another news, Interest rate for CPF Special and MediSave Account up to 4.01% in Q3; first increase since 2008.

https://www.channelnewsasia.com/singapore/c...er-2023-3522786

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	4.3%	4.1%
Median yield	4.05%	4.03%
Average yield	3.56%	3.65%
BTC ratio	1.58	2.4

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-06-09

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-06-09

Both COY still stay above 4%.

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

Now no more Bloomberg FXFA screenshots...

Have to rely on MAS... I think MAS' data and FXFA's are pretty close, so reliable also lah.

MAS published last bid quote (by primary dealers) of BS23110X maturing on 28 Nov 2023: 3.82% p.a. https://eservices.mas.gov.sg/statistics/fda...ssuePrices.aspx

So, I will bid 3.80% p.a.

T bill cut off yield 3.84%

Today's 6M bill auction result:

% of Competitive Applications at Cut-off Allotted	Approximately 44%
% of Non-Competitive Applications Allotted	100%
Bid-to-Cover Ratio	2.21
Cut-off Yield (Price)	3.84% p.a. (98.085)
Median Yield (Price)	3.68% p.a. (98.165)
Average Yield (Price)	3.36% p.a. (98.325)

Source: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-06-13

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	4.2%	4.15%
Median yield	3.9%	4.02%
Average yield	3.32%	3.67%
BTC ratio	2.03	1.94

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-06-16

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-06-16

In this round, 4-week is hotter than 12-week.

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	4.21%	4.13%
Median yield	4%	4.05%
Average yield	3.47%	3.59%
BTC ratio	1.73	1.92

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-06-23

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-06-23

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

MAS published last bid quote (by primary dealers) of BS23111W maturing on 12 Dec 2023: 3.83% p.a. https://eservices.mas.gov.sg/statistics/fda...ssuePrices.aspx

I bid 3.80% p.a. All the best guys!

Inflation at 6 to 8%, return at 3%+
That's not a risk free return.... that's a return free risk!

National treasuries of all countries spending future money, i.e. money that they don't have to the hilt, and you want to extend them a loan?

If I spend like them, I don't think any bank would give me a loan, LOL!

T-bills are short-term parking facility. There are many factors at play on inflation. Your personal spending pattern may be different from the official statistics, for one, and secondly, currency matters too, i.e. different country has different inflation levels.

For Malaysians converting MYR to SGD and buying SG T-bill 1 year back, SGD.MYR appreciates about 10% since 1 year ago plus about 4% return on risk-free SGD T-bills = 14% p.a. return in MYR terms, and your only risky position is to bet against MYR.

https://www.investing.com/currencies/sgd-myr

I have ocbc sg account with CDP. been parking money in FD

how can I find out more on T bill that betters the FD ? since the FD is kind of dropping in spore

Sure, you observed something many Sporeans have found out, that T-bill yields beat FD rates recently.

MAS website is the most authoritative source of reference: https://www.mas.gov.sg/bonds-and-bills/Sing...for-Individuals

There is a very active T-bill discussion thread on HWZ: https://forums.hardwarezone.com.sg/threads/...769601/page-724

I wrote some stuffs on bidding T-bills in this thread earlier: https://forum.lowyat.net/index.php?showtopi...ost&p=106297872

This post has been edited by TOS: Jun 22 2023, 11:36 AM

in short, T-bill outperforms SGS ?

For now yes, short-term rates are high. Long-term rates are low, however. You can Google "Yield curve" for SG, US etc. and see how rates differ with tenor.

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Today's 6M bill auction result:

% of Competitive Applications at Cut-off Allotted	Approximately 74%
% of Non-Competitive Applications Allotted	100%
Bid-to-Cover Ratio	1.98
Cut-off Yield (Price)	3.89% p.a. (98.06)
Median Yield (Price)	3.6% p.a. (98.205)
Average Yield (Price)	3.07% p.a. (98.469)

Source: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-06-27

Will we see 3.9% next round?

This post has been edited by TOS: Jun 22 2023, 01:40 PM

how do we know when is the next issuance for T-Bill ?

Hi again Chua. The T-bill issuance calendar is published by MAS around October/November every year.

You can refer to the dates here and mark them down on your calendar: https://www.mas.gov.sg/bonds-and-bills/auct...suance-calendar

I am loss.

can I apply T-Bill for the 22 June Auction with the 27 June issue date?

No, you can't.

For DBS, using cash (not CPF, SRS etc.), the deadline for application is 9 pm on the night BEFORE auction day.

So, for today's auction (with a cut-off yield of 3.89%), you should submit your bid before 9 pm yesterday night (21st June).

The next 6 month T-bill auction date is on the 6th of July, so you MUST submit your bid before 9 pm on 5th of July. MAS usually publishes the most recent T-bill's yield by 5-6 pm daily, so that's a good reference if you don't know what yield to bid: https://eservices.mas.gov.sg/statistics/fda...ssuePrices.aspx

I am not sure of the deadline for OCBC, it should be the same I think (or maybe 12pm?). You can login to OCBC's online portal one day after the new T-bill announcement date to check the deadline.

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

I forgot to mention reddevil has made 2 very good introductory posts in his HWZ T-bill thread. https://forums.hardwarezone.com.sg/threads/...-bills.6769601/

Should be easy to understand for newbies.

This post has been edited by TOS: Jun 22 2023, 03:29 PM

what determine the yield ? M1 supply ? interest rate, etc ?

My guess:
Most likely all of the above….but which carries more weight, the rough guide “formula”,etc are guarded secrets….