Dear readers, the outcome of the most recent one-year Treasury Bill (T-Bill) BY23101W has been out.
There was a total of $12.7 billion in application of which only $4.3 billion was allotted.
Most importantly, the cut-off yield of BY23101W: the cut-off yield is at 3.58% per annum which is a tad lower than the 3.65% per annum of the most recent 6-month T-Bill BS23107V which has closed. But given that the holding period of BY23101W is longer, a lower yield is not unexpected.
With many banks and financial institutions adjusting their fixed deposit interest rates in recent week, a lower annual yield for BY23101W is not unexpected and compared with these one-year fixed deposit interests from these banks, 3.58% per annum is considered reasonable.
Still, the annual interest of BY23101W is higher than the annual 10-year interest rate of 3.07% per annum of the May Singapore Savings Bonds, especially since the annual interest rate of the bond is 3.03% per year from year 1 to year 7.
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