Dear readers, the next 6-month Singapore T-bill is BS23125H and key details of the T-bill are below.
Auction date: 20 Dec 23
Issue date: 26 Dec 23
Maturity date: 25 Jun 24
The most recent 6-month T-bill, BS23124S closed at 3.74% per annum in terms of cut-off yield. Including this T-bill with the earlier tranches of T-bills since Sep 23, we have the following statistics:
BS23124Z, auction date: 7 Dec 23; cut-off yield of 3.74% per annum.
BS23123Z, auction date: 23 Nov 23; cut-off yield of 3.80% per annum.
BS23122F, auction date: 8 Nov 23; cut-off yield of 3.75% per annum.
BS23121A, auction date: 26 Oct 23; cut-off yield of 3.95% per annum.
BS23120A, auction date: 12 Oct 23; cut-off yield of 3.87% per annum.
BS23119H, auction date: 28 Sep 23; cut-off yield of 4.07% per annum.
BS23118F, auction date: 14 Sep 23; cut-off yield of 3.73% per annum.
From the above statistics, we noted that the range of the cut-off yields of the recent T-bills is from 3.73% to 4.07% and there is no clear trend of the cut-off yields.
Given the average 10-year annual interest rate of the Singapore Savings Bonds has fallen from 3.40% for Dec 23 bonds to 3.07% for Jan 24 bonds, I expect the cut-off yield of BS23125H to hover at 3.70% per annum.
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