Happy Chinese New Year to all readers! In case you missed it – we’re going to get a 12 month T-Bills auction this month. 12 month T-Bills are incredibly rare – this is one of only four in 2023. So if you want to apply, make sure to get your cash applications in by 9pm on 25 January. I wanted to discuss my yield projections in this article, and why I think yields may come in lower than expected. Yield on the 12 month T-Bills may not be good If you’ve walked past a physical bank branch this week you’ve probably seen long queues. Those queues are not for people trying to get new notes, they are for people trying to buy 12 month T-Bills with CPF-OA. Crazy stuff. Now if you’re going to spend an hour in the queue just to buy T-Bills with CPF-OA....