Dear readers, the next 6-month T-bill is BS24102S.
BS24102S 6-month T-bill has an auction date of 1 Feb 2024, an issue date of 6 Feb 2024 and a maturity date of 6 Aug 24.
Before we take a look at the estimated cut-off yield interest rate of BS24102S T-bill, let us take a look at the cut-off yield of recent 6-month T-bills below.
BS24101Z, auction date: 18 Jan 24; cut-off yield of 3.70% per annum.
BS24100F, auction date: 4 Jan 24; cut-off yield of 3.74% per annum.
BS23125H, auction date: 20 Dec 23; cut-off yield of 3.73% per annum.
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.
Based on the most recent four issues of the 6-month T-bills, the cut-off yields have been hovering at around 3.7% to 3.74% per annum.
Given the expected posture of declining interest rates of the US Federal Reserves, I would still maintain my forecast that going forward, cut-off yields of 6-month T-bills should be on a declining trend in line with the projected downward interest rates trend.
Given the maximum decline in interest rates between successive 6-month T-bills is 0.20% (referencing BS23119H T-bill to BS23120A T-bill as well as BS23121A T-bill to BS23122F T-bill), I would give an estimate of 3.50% per annum for the cut-off yield (interest rates) of BS24102S T-bill.
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