You guys should bid somewhere close to 3.5% it seems. That's the ask YTM...

Salary just came in... add another 2k SGD at 3.5%

Today's 6M bill auction result:

% of Competitive Applications at Cut-off Allotted	Approximately 9%
% of Non-Competitive Applications Allotted	100%
Bid-to-Cover Ratio	1.94
Cut-off Yield (Price)	3.8% p.a. (98.105)
Median Yield (Price)	3.5% p.a. (98.255)
Average Yield (Price)	2.95% p.a. (98.529)

Source: https://www.mas.gov.sg/bonds-and-bills/auct...date=2024-03-05

Huat aaaaa!

This time the BTC ratio suggests it's an unusually cool auction. BTC below 2 has not occurred for months already.

Business Times SG also has a T-bill tracker website, for those of you who are interested:

https://www.businesstimes.com.sg/companies-...t-bills-tracker

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	3.95%	3.95%
Median yield	3.8%	3.88%
Average yield	3.38%	3.51%
BTC ratio	2.29	2.06

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2024-03-08

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2024-03-08

4-week below 4% again...

This post has been edited by TOS: Mar 5 2024, 04:24 PM

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	3.91%	3.9%
Median yield	3.85%	3.85%
Average yield	3.62%	3.45%
BTC ratio	2.14	2.26

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2024-03-15

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2024-03-15

Hi madam. Good evening.

I will check the Bloomberg terminal data around 6pm and update you with the latest data by then.

I suspect the hotter-than-expected inflation figure will push the yields up a bit, but let's see what Bloomberg will tell us tomorrow.

Stay tuned.

This post has been edited by TOS: Mar 12 2024, 11:37 PM

A warm reminder for those who are comparing T-bill yields with that of FD/Syfe Cash Guaranteed:

The calculation of yield for T-bill is slightly different to that of FD/Syfe Cash guaranteed. In general, for interest rate levels of 3-4% p.a., you can expect a T-bill yield to be about 7 basis points below that of an equivalent FD/Syfe Cash Guaranteed yield.

So, if Syfe offers 3.8% p.a., the equivalent T-bill yield should be around 3.73% p.a.

I attach an old (zipped) Excel file below for your reference.

 6_Month_SG_T_bill_calculator.zip ( 8.65k ) Number of downloads: 9

6M T-bill auction closes at 9 pm today. Some reference figures:

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

Offshore SGD implied yield based on SG OIS SORA and US SOFR reference curve: 3.61% - 3.63% p.a.



Onshore SGD implied yield based on same condition as above: 3.82-3.84% p.a.



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

MAS published last bid quote (by primary dealers) of BS24104T maturing 03 Sep 2024: 3.70% p.a.

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

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

Bloomberg I107 (SGD Singapore Sovereign Yield Curve) Plot using GC function suggests ask YTM of 3.64% p.a.



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

I will bid 3.60% p.a., 1k SGD from OCBC.

Haha good question. I kena rejected by Syfe during the account opening process. So I park some of my money in Fullerton SGD Cash Fund via MoneyOwl (now under iFAST iGM).

Take note that 3.6x% is the ask YTM, the actual YTM people wish to buy (bid YTM) goes up to almost 3.8x% based on the I107 curve screenshot I showed you yesterday, hence resulting in a mid YTM of around 3.7% p.a., which is what MAS primary dealers reported yesterday.

Also, noted that Syfe Cash Guaranteed is not technically the same as T-bills issued by MAS. Syfe parks your money in insured fixed deposits, but Syfe itself can still go bankrupt. Your money is "2 layers deep", so to speak. First layer -> Syfe (not insured), second layer -> HSBC (insured fixed deposit). In the event of insolvency the process of recouping your money back is gonna got complicated.

One thing is certain: your lawyers (or well, Syfe's corporate lawyers) will stand beside and suck blood out of your hard-earned savings.

This post has been edited by TOS: Mar 14 2024, 10:30 AM

Today's 6M bill auction result:

% of Competitive Applications at Cut-off Allotted	Approximately 39%
% of Non-Competitive Applications Allotted	96%
Bid-to-Cover Ratio	2.29
Cut-off Yield (Price)	3.78% p.a. (98.115)
Median Yield (Price)	3.6% p.a. (98.205)
Average Yield (Price)	3.3% p.a. (98.355)

Source: https://www.mas.gov.sg/bonds-and-bills/auct...date=2024-03-19

BTC ratio suggests a pretty high subscription rate but COY barely bulges by 2 basis points, market thinks rate could stay high...

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	3.98%	3.94%
Median yield	3.82%	3.88%
Average yield	3.42%	3.44%
BTC ratio	1.85	1.97

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2024-03-22

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2024-03-22

Pretty cool response, BTC for 4-week below 1.9... Looks like traders are all waiting for Fed to guide near-term interest rates...

Eh not today... deadline is tomorrow (9pm); the date coincides with 4-week and 12-week MAS bill auction results...

This week's 6M auction is one day earlier than usual because of the Good Friday holiday. So the schedule is brought forward by one day.

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

This post has been edited by TOS: Mar 25 2024, 09:10 AM

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	4.12%	3.99%
Median yield	3.87%	3.85%
Average yield	3.61%	3.5%
BTC ratio	1.86	2.13

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2024-04-01

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2024-04-01

4-week COY pretty nice! Let's hope 6M auction tomorrow will be the same.

6M T-bill auction closes at 9 pm today. Some reference figures:

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

Offshore SGD implied yield based on SG OIS SORA and US SOFR reference curve: 3.63% - 3.66% p.a.



Onshore SGD implied yield based on same condition as above: 3.86-3.87% p.a.



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

MAS published last bid quote (by primary dealers) of BS24105X maturing 17 Sep 2024: 3.74% p.a.

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

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

Bloomberg I107 (SGD Singapore Sovereign Yield Curve) Plot using GC function suggests ask YTM of 3.667% p.a.



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

I will bid 3.65% p.a., 2k SGD from OCBC.

Today's 6M bill auction result:

% of Competitive Applications at Cut-off Allotted	Approximately 30%
% of Non-Competitive Applications Allotted	94%
Bid-to-Cover Ratio	2.55
Cut-off Yield (Price)	3.8% p.a. (98.105)
Median Yield (Price)	3.61% p.a. (98.2)
Average Yield (Price)	3.34% p.a. (98.335)

Source: https://www.mas.gov.sg/bonds-and-bills/auct...date=2024-04-02

An interesting auction result. BTC skyrockets to 2.55 yet COY actually stays high at 3.8% p.a.

Makes you wonder...

Ya, convert 3.8% to FD we are looking at 3.87% p.a., pretty nice.

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	3.95%	3.93%
Median yield	3.85%	3.88%
Average yield	3.44%	3.56%
BTC ratio	2.25	1.94

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2024-04-05

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2024-04-05

Sharp reversal of fortune for 4-week MAS bill, both 4-week and 12-week below 4% p.a.

Err, do you mind clarifying what do you mean by "true blue" SG bank account?

If you are referring to logo color, err I think yes UOB's logo is blue in color, OCBC is red...