I missed updating this thread due to account issues, feel free to check the yields for the past 2 weeks on MAS website. The ultrashort end COY ticked up slightly to 3.4x% p.a. from 3.3x% p.a. in the past 2 weeks from what I observed, most likely due to depreciating SGD against USD.

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

In the mean time:

BT Videos (no paywall)

Is a 3% T-bill yield worth considering amid rising inflation and reinvestment risks? BT weighs in, and looks at what it means to allocate capital into bonds and equities as an alternative.

www.businesstimes.com.sg/videos/is-earning-3-from-singapore-t-bills-enough/6365944388112

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	3.33%	3.19%
Median yield	3.18%	3.08%
Average yield	2.97%	2.86%
BTC ratio	1.77	2.16

Source:

4-week: www.mas.gov.sg/bonds-and-bills/auctions-and-issuance-calendar/auction-mas-bill?issue_code=MD24150E&issue_date=2024-12-20

12-week: www.mas.gov.sg/bonds-and-bills/auctions-and-issuance-calendar/auction-mas-bill?issue_code=ML24150V&issue_date=2024-12-20

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Today's 6M bill auction result:

% of Competitive Applications at Cut-off Allotted	Approximately 10%
% of Non-Competitive Applications Allotted	100%
Bid-to-Cover Ratio	2.33
Cut-off Yield (Price)	3.02% p.a. (98.494)
Median Yield (Price)	2.95% p.a. (98.529)
Average Yield (Price)	2.66% p.a. (98.674)

Source: www.mas.gov.sg/bonds-and-bills/auctions-and-issuance-calendar/auction-t-bill?issue_code=BS24125S&issue_date=2024-12-24

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	3.31%	3.19%
Median yield	3.1%	3.11%
Average yield	2.93%	2.98%
BTC ratio	1.86	1.83

Source:

4-week: www.mas.gov.sg/bonds-and-bills/auctions-and-issuance-calendar/auction-mas-bill?issue_code=MD24151F&issue_date=2024-12-27

12-week: www.mas.gov.sg/bonds-and-bills/auctions-and-issuance-calendar/auction-mas-bill?issue_code=ML24151A&issue_date=2024-12-27

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	3.39%	3.24%
Median yield	3.07%	3.06%
Average yield	2.90%	2.84%
BTC ratio	1.68	1.55

Source:

4-week: www.mas.gov.sg/bonds-and-bills/auctions-and-issuance-calendar/auction-mas-bill?issue_code=MD25100F&issue_date=2025-01-03

12-week: www.mas.gov.sg/bonds-and-bills/auctions-and-issuance-calendar/auction-mas-bill?issue_code=ML25100A&issue_date=2025-01-03

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

Today's 6M bill auction result:

% of Competitive Applications at Cut-off Allotted	Approximately 21%
% of Non-Competitive Applications Allotted	100%
Bid-to-Cover Ratio	1.99
Cut-off Yield (Price)	3.05% p.a. (98.479)
Median Yield (Price)	2.9% p.a. (98.554)
Average Yield (Price)	2.58% p.a. (98.714)

Source: www.mas.gov.sg/bonds-and-bills/auctions-and-issuance-calendar/auction-t-bill?issue_code=BS25100E&issue_date=2025-01-07

This week's MAS Bill auction results:

Tenure	4-week	12-week	36-week
Cut-off yield	3.24%	3.19%	2.85%
Median yield	3.15%	3.10%	2.84%
Average yield	2.76%	2.78%	2.66%
BTC ratio	2.00	1.94	9.7

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2025-01-10

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2025-01-09

36-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2025-01-10

WOW 36 week bill nearly 10 times oversubscribed at debut issuance...

Cheng hu got free money... save some 20 basis points of interests for the next 36 weeks

At 500 million SGD, 0.2% p.a. adjusted to 36 weeks is 500*0.002*(36/52) = 0.69 million or some nearly 700k SGD of interests saved!

This post has been edited by TOS2: Jan 7 2025, 04:13 PM

The long end SGD forward rates start to rise up rapidly again. 10-year went as high as 3.2% p.a.

https://www.ilovessb.com/projection/SBMAR25

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	3.2%	3.18%
Median yield	3.1%	3.08%
Average yield	2.85%	2.59%
BTC ratio	2.03	2.06

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2025-01-17

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2025-01-16

Warm reminder: last day to bid 6M T-bill, do so before 9 pm.

Today's 6M bill auction result:

% of Competitive Applications at Cut-off Allotted	Approximately 41%
% of Non-Competitive Applications Allotted	Approximately 92%
Bid-to-Cover Ratio	2.55
Cut-off Yield (Price)	2.99% p.a. (98.509)
Median Yield (Price)	2.88% p.a. (98.564)
Average Yield (Price)	2.52% p.a. (98.743)

Source: https://www.mas.gov.sg/bonds-and-bills/auct...date=2025-01-21

This post has been edited by TOS2: Jan 16 2025, 01:43 PM

This week's MAS Bill auction results:

Tenure	4-week	12-week	36-week
Cut-off yield	3.1%	3.07%	2.89%
Median yield	3.00%	3.02%	2.8%
Average yield	2.79%	2.74%	2.71%
BTC ratio	2.25	2.23	3.95

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2025-01-24

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2025-01-23

36-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2025-01-24

36-week MAS bill remains heavily oversubscribed.

Bloomberg Markets | Bonds

Singapore’s Record Yield Gap With US Set to Widen on Debt Supply

Yield gap between Singapore, US 30-year bonds widens to 200bps
Long-dated bond supply in Singapore remains scarce: StanChart

https://www.bloomberg.com/news/articles/202...-on-debt-supply

This post has been edited by TOS2: Jan 23 2025, 09:10 AM

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	1.87
Cut-off Yield (Price)	2.95% p.a. (97.508)
Median Yield (Price)	2.83% p.a. (98.178)
Average Yield (Price)	2.72% p.a. (97.287)

Source: https://www.mas.gov.sg/bonds-and-bills/auct...date=2025-01-28

This post has been edited by TOS2: Jan 23 2025, 03:53 PM

MAS eases monetary policy settings, lowers 2025 core inflation forecast to between 1% and 2%

https://www.businesstimes.com.sg/singapore/...between-1-and-2



MPC statement today: https://www.mas.gov.sg/news/monetary-policy...atement-24jan25

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	3.1%	3.08%
Median yield	2.99%	2.98%
Average yield	2.86%	2.87%
BTC ratio	1.91	1.96

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2025-02-03

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2025-01-31

Warm reminder. Today is last day to bid 6M T-bill, do so before 9 pm ya.

Today's 6M bill auction result:

% of Competitive Applications at Cut-off Allotted	Approximately 71%
% of Non-Competitive Applications Allotted	100%
Bid-to-Cover Ratio	2.13
Cut-off Yield (Price)	3.04% p.a. (98.484)
Median Yield (Price)	2.97% p.a. (98.519)
Average Yield (Price)	2.69% p.a. (98.659)

Source: https://www.mas.gov.sg/bonds-and-bills/auct...date=2025-02-04

恭喜发财！新年快乐！

This week's MAS Bill auction results:

Tenure	4-week	12-week	36-week
Cut-off yield	3.05%	3.05%	2.85%
Median yield	2.95%	3.02%	2.85%
Average yield	2.62%	2.78%	2.76%
BTC ratio	2.46	2.11	4.56

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2025-02-07

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2025-02-06

36-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2025-02-07

Another week went by, but 36-week MAS bill remains heavily oversubscribed.

This week's MAS Bill auction results:

Tenure	4-week	12-week
Cut-off yield	2.98%	2.99%
Median yield	2.9%	2.93%
Average yield	2.64%	2.59%
BTC ratio	2.43	2.54

Source:

4-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2025-02-14

12-week: https://www.mas.gov.sg/bonds-and-bills/auct...date=2025-02-13

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

Today's 6M bill auction result:

% of Competitive Applications at Cut-off Allotted	Approximately 29%
% of Non-Competitive Applications Allotted	Approximately 80%
Bid-to-Cover Ratio	3.19
Cut-off Yield (Price)	2.90% p.a. (98.554)
Median Yield (Price)	2.78% p.a. (98.614)
Average Yield (Price)	2.52% p.a. (98.743)

Source: https://www.mas.gov.sg/bonds-and-bills/auct...date=2025-02-18