Dear readers, the application for BY23101W (1-YEAR TREASURY BILL) is now open.
BY23101W will be highly anticipated in my opinion, given that the most recent 6-Month Treasury Bill BS23107V has a very decent cut-off yield at 3.75% per annum.
Interested applicants for the upcoming BY23101W (1-YEAR TREASURY BILL) will be looking to lock in such comparable annual returns and for a longer period given that there seems to be a slowing uptrend for interest rates return.
As compared with 6-monthly T-bill which are issued 25 times per year, 1-year T-Bill are issued on a three-monthly basis. Coupled with recent high interest rates and expectation that high interest rates may be slowing down, I believe competition will be stiff for BY23101W (1-YEAR TREASURY BILL).
Let us take a look at the cut-off yields of the most recent three 1-year Treasury Bills:
BY23100X (auction date of 26 Jan 23): 3.87%
BY22103A (auction date of 13 Oct 2022): 3.72%
BY22102V (auction date of 21 Jul 2022): 3.10%
I project the annual interest return of BY23101W (1-YEAR TREASURY BILL) to be at least 3.60% per annum given recent cut-off yields of T-bills and in view of the current macro environment.
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