This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	4%	4.07%
Median yield	3.9%	4%
Average yield	3.35%	3.54%
BTC ratio	2.28	1.86

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-10-06

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-10-06

The 4-week MAS bill demand spiked, likely due to worries about US government shutdown earlier. BTC ratio increased 30% from 1.73 last week to 2.28 this week. 12-week rate remains stable.

1-year T-bill breaks above 3.80%!

5-year SGS breaks 3.40%.

10-year SGS breaks above 3.50%!

20-year SGS yield rose 10 basis points in a day to 3.31% from 3.18% yesterday. 30-year and 50-year yields also rose 10 basis points in just one day.

SGD.MYR reaches 3.45 as of now.

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

This post has been edited by TOS: Oct 4 2023, 07:12 PM

War in the middle east will likely result in flight to risk-free assets, SG T-bills yield might drop...

But on the other hand, USD and oil price will go up. If expected inflation number ticks up, should help moderate the impact of the rush to T-bills...

https://www.businesstimes.com.sg/companies-...orts-lose-steam

MAS Monetary Policy Statement due for release at 8 am on the 13th of October.

https://www.mas.gov.sg/monetary-policy/adva...elease-calendar

DBS now informs users about their T-bill application via email.



Source: oric1/HWZ

SGD.MYR hit 3.47 again today.

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	3.99%	4.09%
Median yield	3.9%	3.95%
Average yield	3.52%	3.55%
BTC ratio	1.98	1.97

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-10-13

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-10-13

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

Offshore SGD implied yield based on SG OIS SORA and US SOFR reference curve: 3.66% - 3.70% p.a.



Onshore SGD implied yield based on same condition as above: 3.94-3.96% p.a.



MAS published last bid quote (by primary dealers) of BS23119H maturing 02 Apr 2024: 3.91% p.a.

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

Looking at above figures, I will bid 3.85% p.a. This time I also bid 2000 SGD, both from OCBC.

Looks like the issue 2 weeks back was due to some traders bidding 6M T-bill using onshore rates instead of offshore rates, hence the jump in yield.

Today's 6M bill auction result:

% of Competitive Applications at Cut-off Allotted	Approximately 68%
% of Non-Competitive Applications Allotted	79%
Bid-to-Cover Ratio	2.73
Cut-off Yield (Price)	3.87% p.a. (98.07)
Median Yield (Price)	3.66% p.a. (98.175)
Average Yield (Price)	3.37% p.a. (98.32)

Source: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-10-17

OCBC's kind of slow today. BTC almost 3 times, a very hot issue, no wonder COY comes down.

Next week's 1Y T-bill might be hot as well...

MAS policy statement:



https://www.mas.gov.sg/news/monetary-policy...atement-13oct23

They will shift to a quarterly MPC statement announcement from next year. The next MPC statement is scheduled for release in late January 2024.

This post has been edited by TOS: Oct 14 2023, 10:13 PM

does this mean MAS is intentionally strengthening its currency against the basket of currency ?

MAS has always appreciated its currency to counter inflation. Singapore does not set its monetary policy based on interest rate but through currency instead.

MAS has good reason to believe that inflation will come back with the war in Middle East and a resilient US economy.

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	4.09%	4.11%
Median yield	3.91%	3.99%
Average yield	3.62%	3.55%
BTC ratio	2.21	1.91

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-10-20

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-10-20

4-week a bit hot yet COY jumped 10 basis points from last week. 12-week yield stable, little changed from last week.

Tomorrow 9pm is 1Y T-bill application deadline. Bloomberg screenshots will be provided around 5.30-6 pm. Stay tuned!

seems like going up.

tomorrow is the opening of 1Y T Bill. close 1 week later.

Err, no. Tomorrow is the closing for 1Y T-bill. Auction for 1Y takes place this Thursday, 19th Oct, which is 2 day from now.



6M T-bill will open on the same day as 1Y T-bill auction date (19th Oct), but no need to be in a hurry for bidding. It's too early for 6M.

oh yes. i read wrongly.

One warm reminder for DBS users:

CPF-OA deadline for T-bill application has been pushed forward to align with cash application (i.e., both will close at 9pm today).

Reported from hwckhs/HWZ.

Here we go!

1Y T-bill auction closes at 9 pm today.

Offshore SGD implied yield based on SG OIS SORA and US SOFR reference curve: 3.62% - 3.71% p.a.



Onshore SGD implied yield based on same condition as above: 3.91-3.92% p.a.



MAS published last bid quote (by primary dealers) of BY23102N maturing 30 July 2024: 3.82% p.a.

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

Looking at above figures, I will bid 3.75% p.a. This time I bid 1000 SGD from OCBC.

Keep your fingers crossed for this hot issue in tomorrow's auction...

This post has been edited by TOS: Oct 25 2023, 06:06 PM

Today's 1Y bill auction result:

% of Competitive Applications at Cut-off Allotted	Approximately 64 %
% of Non-Competitive Applications Allotted	100%
Bid-to-Cover Ratio	2.65
Cut-off Yield (Price)	3.7% p.a. (96.31)
Median Yield (Price)	3.55% p.a. (96.46)
Average Yield (Price)	3.32% p.a. (96.689)

Source: https://www.mas.gov.sg/bonds-and-bills/auct...date=2023-10-24

Bid failed. Money to be refunded...

Not bad lah, refunded within minutes after result is out. Immediately sent back to CIMB SG for their fake 3.5% promo lol ...

Looks like 1Y yield is low-balled by CPF bidders. 6M yield stays steady and not affected. Long-end ones driven up by US yields.

Source: MAS

This post has been edited by TOS: Oct 19 2023, 08:47 PM