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Latest T-bill yield at 3.84% as non-competitive bids rise. Here’s why it matters
By Beansprout  •  June 8, 2023

What happened?

The cut-off yield for the latest 6-month T-bill auction on 8 Jun 2023 was at 3.84% p.a. This is quite similar to the yield of 3.85% p.a. in the previous auction. 

Even as the headline yield has not changed much, it was interesting to see that the amount of non-competitive bids rose sharply in the latest auction.

Let’s take a look to understand what this could mean for the upcoming T-bill auction.

Source: MAS  

What we learnt from the latest T-bill auction

#1 – Increase in non-competitive bids for the 6-month T-bill despite fall in overall demand

The total amount of applications for the latest T-bill was at S$11.5 billion, falling from S$12.2 billion in the previous auction.  The decline in demand was seen largely for competitive bids, which fell to S$9.6 billion from S$10.8 billion in the previous auction. Surprisingly, the amount of non-competitive bids...
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By Beansprout
Hi, I’m Gerald! I have been working in investment analysis for more than 12 years. Often, I encounter everyday investors who find it difficult to invest. At Beansprout, we believe that with the right tools and knowledge, everyone can be an investor. Hence, we founded Beansprout to make quality investment insights more accessible. We hope that you can join us on this journey to grow your financial knowledge and confidence as an investor.
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