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

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.

That is way smarter than me... the first salary I received I went to buy a Tag. lol....

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.

Bro, what platform is this?
How do you get access to it?
Look quite decent....

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.