Singapore T-bill October Auction Result

 

BS22120E 6-month T-bill Auction result is out:

3.77% pa for the 6-month Tbill matures on 18th April 2023, quite a big jump from the previous 3.32% pa.

100% of the 1.1billion non competitive bids were allotted. 9.1billion were competitive bids but only 18% of those were allotted. This means a lot of them bided higher than 3.77% lol.

Note that for competitive bidders, you may not get the full amount that you applied for, depending on how your bid compares to the cut-off yield.

A lower yield represents a more competitive bid, as you are indicating that you will accept a lower interest rate. You can submit multiple competitive bids.

BY22103A 1-Year T-bill Auction result is out:

3.72% pa for the 1-year Tbill matures on 17th Oct 2023. It doesn't make any rational sense for the 1 year to have a lower yield than the 6-months but this phenomenal has likely got to do with the yield curve inversion.

The 1 year Tbill shows a higher percentage of competitive bidders getting allotted(35%). Similar oversubscription ratio of 2.3x compared to the 6months. 

Those that are allotted, you will get your full 'interest' today. The issue date will be on 18th October(Date that it will be reflected on your CDP and CPFias)

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The higher-than-expected inflation numbers in the US have ramped up bets on the so-called terminal rate, which now stand at 4.45%, Refinitiv data showed. So if one were to bet on when will the rate stop increasing, one can point to a rough gauge of around 4.45% pa.