lol still reasonable.

I was looking at 3 month SG in comparison with 3 month US rates. The cut-off for SG side was 4.4, but US only side only 4.2%, so I suspect the SG rates may be better than US side.

That would also possibly mean SGD may not appreciate that strongly against USD in near term or may have mild depreciation since the SG rates are higher than US rates.

No bro,..................

Look at the USDSGD Chart in Yahoo Finance,............... the SGD has been APPRECIATING vs the USD. The SGD is getting stronger and stronger in the past few days. The SGD might end up as the best performing currency in the near term,...

MAS intervened by strengthening its currency using the S$NEER band. I think,.. MAS has done this 4 times this year. I noticed every night, in the ppast few evenings,.. watching CNA. The running news at the bottom of the screen,.. at a certain interval, the 'Currencies' will roll past.

And I saw for SGD, it's gotten to below 1.40 last night,... I think it was at 1.39XX,... hence, the strengthening.

I feel,... the SGD will have a chance to strengthen to,.. say, 1.38 vs the USD,... soon,...

No, I am a strong believer in the "1 market 1 price" mantra. I don't treat bidding in an auction like some fun number/lottery game where you "test water" with multiple bids and hope all stars aligned.  

So just 1 yield for each auction. If it does not meet my expectation, I will go in next round or move my funds elsewhere.

Of course it's totally fine if you submit multiple bids. I just feel like such action distorts the market pricing and is a very irresponsible market abusing behaviour.

I have no moral obligation to care about price movement. I bid at the price I want. Whether you want to sell to me at this price/yield is entirely your choice. We have different moral views haha. (My fiduciary duty is to "get the best execution price for my client (i.e. me)", not "generating liqudity and ensure market moves smoothly". That is the job of a market maker, which is why you have primary dealers for T-bills.)

Fair enough. But that is if you have the capital to do so. Retail investors won't have that luxury unless you go in at 10-20k SGD each time. It would be nice if I can split my bids at 100 SGD for 10 different bids, but minimum is 1k SGD, so I reserve that for the highest yield I believe to be reasonable. 

Anyway, this is an auction, not continuous market making. In typical Sotheby-like artifacts auctions, I don't see bidders "split" bids like what you mention. The bidders just throw out any price they deem reasonable. MAS bills auctions differ from Sotheby-like auctions in that you can't inspect the order books before hand, nor can you see what other bidders are bidding in real-time. So there is no way you can "split" bids while ensuring no one bumps into you at the price range you bid. Not sure if your IBKR comparison is relevant to either case.

yo rarely see you here in SG Treasury market thread.  I remember you once told me you don't have CDP account in SG.

Auction for 6 month T-bill is done biweekly (once every 2 weeks), auction for 1 year T-bill is done quarterly (Jan, April, July, October) Today (for CPF) and tomorrow (for cash application) will be the deadline for the second 1 year T-bill issuance for this year.

You can refer to MAS's issuance calendar here: https://www.mas.gov.sg/bonds-and-bills/auct...suance-calendar

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Comparing 6 month and 1 year rates for RHB MCA vs MAS T-bill, the rates are pretty similar, but SG T-bill is better by 20-30 basis points (and add another 5-10 basis points to adjust for rate conventions, i.e. discount rate is always lower than bond-yield equivalent which is the FD rate quote convention), so they still earn some spreads.

RHB MCA data: https://www.rhbgroup.com/treasury-rates/mul...osit/index.html

MAS T-bill data: https://eservices.mas.gov.sg/statistics/fda...ssuePrices.aspx

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I have looked at RHB MCA for some time after you keep writing about it in almost every thread I read It's a good service in many dimensions, the biggest and most obvious issue is the MYR 20 card fee.

Another big hidden danger with RHB MCA is that your foreign currency money is part of BNM's FX reserve and is at the mercy of Malaysia's regulators. (Last time in late 90s, CLOB saga scared many Sporeans and illustrated what could happen in a crisis). But of course you may have different views on such matters, just a risk to point out.

Last thing is I don't believe in is the PIDM for foreign currencies. That is impossible for a simple reason: Malaysia can't print foreign currencies. Guaranteeing USD, EUR, SGD etc. is impossible when you cannot create the money in the first place. There is a reason why SDIC in Singapore doesn't guarantee foreign currency deposits in SG banks.

That said, if one can stomach the risks aforementioned, I think RHB MCA is a pretty good substitute for Wise and for investors moving money in/out of Malaysia. The rates and fees look reasonable.

Yes, PIDM covers foreign currency deposits, as they stated here officially: https://www.pidm.gov.my/en/how-we-protect-y...overage-for-dis

But there is one line in their 2021 (latest) annual report worth mentioning (in section 22, Financial Risk):
Source: https://www.pidm.gov.my/pidm2022/files/71/7...e4358445798.pdf (PDF page 80/89)

Interpreted in another way, that means they do not hold lots of foreign currencies to insure against your deposit lost in case banks go belly up. They don't provide much info on insurance premiums for foreign currency deposits anyway, so hard to tell lah.

the window to subscrive to T-Bill is only few days right ? we cant buy in advance ?

pls let me know when is the best time to go in, the bid opens at 5pm right? allotment totally random or FCFS.