Dear readers, the next upcoming 6-month Treasury bill (T-Bill) is BS23116F, with the auction result date on 17 Aug 2023, which is just slightly a week away.
What will be the cut-off yield of BS23116F?
Before we take a look at the possible cut-off yield of BS23116F, let us take a look at the cut-off yields of the recent 6-month T-bills.
BS23115E, auction date: 17 Aug Jul 23; cut-off yield of 3.75% per annum
BS23114A, auction date: 20 Jul 23; cut-off yield of 3.85% per annum
BS23113V, auction date: 6 Jul 23; cut-off yield of 3.99% per annum
BS23112N, auction date: 22 Jun 23; cut-off yield of 3.89% p.a. per annum
BS23111W, auction date: 8 Jun 23; cut-off yield of 3.84% p.a. per annum
From what we can note of the above, the cut-off yield of the 6-month T-bills has been declining for the past three T-bills, from 3.99% per annum to 3.85% per annum and then to 3.75% per annum.
I have shared an interesting insight in a previous post on how the cut-off yield of both the 6-month and 1-year T-bills have intercepted: most recent one-year Singapore Treasury bill (T-bill), BY23102N, is 3.74% per annum, which is close to the 3.75% per annum of the most recent 6-month BS23115E.
Given short-term fixed deposits from banks have been declining or stagnating from previous highs, I would believe the declining trend of cut-off yields from 6-month T-bills to continue.
I would estimate a 3.60% to 3.70% per annum for the cut-off yield of BS23116F. (RESULT IS OUT AND ONE IMPORTANT NOTE REVEALED)
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