We have a new 15Y government bond auction coming up this coming Thursday, 26 June, giving me something to write about. I stopped publishing my SGD rates weekly last year when I realised that normal people are not bothered by the interest rate difference between 2.9 and 3% which, for the past 17 years, have been more than a big deal to me. It has been therapeutic because it allowed me to focus on the bigger and more important things around. The MAS bond auction calendar has been a fast and furious for 2014 with all the auctions squashed into the first 10 months of the year. They threw in 2 extra auctions as precaution vs the 8 auctions we had last year, choosing a balanced approach with more re-openings and less new issues. This is what the government yield curve looks like compared to Jan 2014.   Ugly. The ......