The result of the most recent Singapore 6-month Treasury Bill auction was announced yesterday, and the cut-off yield is a tad lower than what I predicted: 24 Nov 2022 Auction Results Compared to past issues, only 77.8% of the non-competitive bidders were successfully allotted. This is likely due to greater awareness of Singapore Treasury bills as a very competitive savings vehicle such that it has reached more than 40% of the final allotment. Non-competitive bidders will get part of the allocation. The cut-off yield is lower than the market yield of a Singapore government bond, of similar duration and credit risk. Why is there a deviation from past Singapore Treasury auction issues? In this article, I do a deep dive. The Difference Between Competitive and Non-Competitive Bids If you look at the quality of the issuer and find that the yield of 3.9% is very good, and would like to know how to buy...