Ok, the buffet is finished in half an hour, no free food to take... Better come back and check Bloomberg for you guys lah

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

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Offshore SGD implied yield based on SG OIS SORA and US SOFR reference curve: 3.58% - 3.62% p.a.



Onshore SGD implied yield based on same condition as above: 3.83-3.85% p.a.



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MAS published last bid quote (by primary dealers) of BS24107N maturing 15 Oct 2024: 3.75% p.a.

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

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Bloomberg I107 (SGD Singapore Sovereign Yield Curve) Plot using GC function suggests ask YTM of 3.609% p.a.



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I will bid 3.6% p.a., 3k SGD from OCBC.

Today's 6M bill auction result:

% of Competitive Applications at Cut-off Allotted	Approximately 21%
% of Non-Competitive Applications Allotted	96%
Bid-to-Cover Ratio	2.18
Cut-off Yield (Price)	3.74% p.a. (98.135)
Median Yield (Price)	3.65% p.a. (98.18)
Average Yield (Price)	3.4% p.a. (93.305)

Source: https://www.mas.gov.sg/bonds-and-bills/auct...date=2024-04-30

The figure are starting to look boring... COY about the expected level...

Good morning bro!

Do you have a CDP account? https://www.sgx.com/securities/retail-inves...urities-account

Are you a Sporean, or PR or someone who is holding Student Pass or Work Pass in SG?

Very good then!

Do you have OCBC or UOB accounts?

If not you can proceed to purchase T-bills from DBS, but the nuisance with DBS is that they will spam your physical mailbox whenever the T-bill is successfully allotted. OCBC and UOB will send you SMS and/or email to notify you (no letters).

Some guides for you:

https://forum.lowyat.net/index.php?showtopi...#entry106297872

https://forum.lowyat.net/index.php?showtopi...#entry106023168

You may apply via DBS through the following method:

Click on the "Invest" tab in your DBS account page and select SG Government Securities, then in the new page select T-bills.



No T-bills are available for now, so you can apply closer to the 1 day before auction date.

I just realized I missed last weeks MAS Bill auction results... never mind...

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	3.9%	3.91%
Median yield	3.8%	3.82%
Average yield	3.52%	3.43%
BTC ratio	2.06	1.8

Source:

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

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

COYs back above 3.9%...

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	3.97%	3.88%
Median yield	3.81%	3.82%
Average yield	3.59%	3.54%
BTC ratio	1.87	2.26

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2024-05-10

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2024-05-10

This week's auction result is the opposite of last week, 12-week cooler than 4-week, whose COY almost breached 4% p.a.

We are looking at 6.8 billion SGD of offer for Thursday's 6M T-bill auction, the largest ever by MAS for a T-bill, in nominal terms. If demand is not hot, expect COY to cut off at a high level!

https://forums.hardwarezone.com.sg/threads/...#post-152248906

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: 3.58% - 3.61% p.a.



Onshore SGD implied yield based on same condition as above: 3.81-3.84% p.a.



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MAS published last bid quote (by primary dealers) of BS24108V maturing 29 Oct 2024: 3.75% 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 3.686% p.a.



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I will bid 3.65% p.a., 2k SGD from OCBC. The I107 curve's ask YTM rises by nearly 8 basis points from 2 week's ago... so I adjusted my bid up by some 5 basis points too haha

Good luck for tomorrow's auction.

This post has been edited by TOS: May 8 2024, 06:36 PM

Today's 6M bill auction result:

% of Competitive Applications at Cut-off Allotted	Approximately 26%
% of Non-Competitive Applications Allotted	81%
Bid-to-Cover Ratio	2.4
Cut-off Yield (Price)	3.7% p.a. (98.155)
Median Yield (Price)	3.55% p.a. (98.23)
Average Yield (Price)	3.13% p.a. (93.439)

Source: https://www.mas.gov.sg/bonds-and-bills/auct...date=2024-05-14

Was hoping for some positive surprise. Negative surprise instead...

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	3.9%	3.87%
Median yield	3.78%	3.82%
Average yield	3.44%	3.48%
BTC ratio	2.13	2.09

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2024-05-17

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2024-05-17

4-week auction heats up this time, 12-week stays about the same as last week.

Just a reminder:

The upcoming 6M T-bill application deadline (for cash application) is on next Tuesday (21 May) 9 pm. 22nd May (Wednesday) is a public holiday in SG and the auction results will be announced on Thursday, 23rd May 1pm.

Don't miss the chance...

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	3.89%	3.87%
Median yield	3.82%	3.83%
Average yield	3.57%	3.55%
BTC ratio	2.13	1.85

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2024-05-24

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2024-05-24

COYs stay the same for both tenors but 12-week a lot cooler than last week's auction. Should we see this as good news for the 6-month bid which will close later tonight?

Bloomberg screenshots will be provided around 5.30-6 pm later today. Stay tuned! (I am in the business library this whole afternoon...)

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: 3.56% - 3.60% p.a.



Onshore SGD implied yield based on same condition as above: 3.79-3.81% p.a.



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

MAS published last bid quote (by primary dealers) of BS24109A maturing 12 Nov 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 3.651% p.a.



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

I will bid 3.60% p.a., 2k SGD from OCBC. There's a few basis points drop in ask YTM and in the onshore implied yield figures. Offshore implied yield remains resilient though.

Good luck for Thursday's auction. Happy Vesak Day to all.

Those who plan 30 years in advance (like me lol ) can consider the latest issue of Green SGS (Infrastructure) Bonds

Kindly refer to this thread for details: https://forums.hardwarezone.com.sg/threads/...-bonds.7031352/

Useful factsheet: https://www.mas.gov.sg/-/media/mas/sgs/sgs-...-jun54final.pdf

BT reports: https://www.businesstimes.com.sg/companies-...green-bonds-3-3

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

Be mindful of the super long tenure of 30 years, though it's super useful for wedding planning for your young kids

You never know if interest rates will rise far above 3.3% in the next 30 years.

Liquidity is another issue with long-term SGS like this one.

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

This bond can only be subscribed through an IPO-like electronic securities application via your DBS/UOB/OCBC portal, and NOT through the usual SGS application portal as this bond is issued via syndication, aka. corporate bond issuance process and not the usual auction process in T-bills or conventional SGS (Market Development).

This post has been edited by TOS: May 22 2024, 12:15 AM

Today's 6M bill auction result:

% of Competitive Applications at Cut-off Allotted	Approximately 90%
% of Non-Competitive Applications Allotted	100%
Bid-to-Cover Ratio	2.07
Cut-off Yield (Price)	3.65% p.a. (98.18)
Median Yield (Price)	3.48% p.a. (98.265)
Average Yield (Price)	3.04% p.a. (98.484)

Source: https://www.mas.gov.sg/bonds-and-bills/auct...date=2024-05-28

Wah below 3.7 liao

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	3.88%	3.86%
Median yield	3.80%	3.80%
Average yield	3.59%	3.59%
BTC ratio	1.98	1.95

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2024-05-31

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2024-05-31

COYs about the same as last week for both tenors, dropped a few basis points. BTC ratio suggested a cooler auction than last week though; market waiting for Fed PCE data this Friday I guess.

Ah yes, just-in-time reminder... SSB June 2024's application window will close tonight at 9pm. Make sure you apply by 9pm...

https://www.ilovessb.com/ssb/SBJUN24

Next month's projected return will be lower.

My DBS is slow today, money used to be in by 5.15 pm but today money is in nearing 6 pm...

We have to bear 45 more minutes of counterparty risk...