Wow! Everyone gets up to $14k allotment for Dec SSB despite the yield hitting record highs. Imagine my surprise that demand has cooled quite a bit, although still oversubscribed by 1.7x. I was expecting less than $10k allotment because of the record high yield. Source: MAS However, I guess “high yield” is relative to other SGS bonds, most prominently T-bills and maybe even bank fixed deposits which have been shooting up even faster. The last 6-month T-bill on 24 Nov had slightly lower cut-off yield of 3.9%, but is still considerably higher than SSB. Similarly, FD rates have been climbing fast and have been hard to keep track. Luckily, we have the wonderful folks at Seedly to help us follow the best FD rates (Nov 2022). Seems that OCBC and Citi are offering FD rates up to 3.90%. Next month’s SSB for Jan 2023 issuance will likely yield much lower. See my previous post for context. Basically, the reason is 10Y SGS bond yields...