Latest 6-month Singapore T-bill offers 3.8% cut-off yield

CUT-OFF yield on the latest tranche of six-month Singapore Treasury bills (T-bills) has risen to 3.8 per cent, according to auction results released on Thursday (Nov 23).

This is up from the cut-off yield of 3.75 per cent in the previous six-month tranche.

Demand for the T-bills slid slightly, with applications totalling S$13 billion for the S$6 billion on offer. This represents a bid-to-cover ratio of 2.17. In comparison, the previous tranche received a total of S$13.2 billion in applications for the S$5.7 billion on offer, which represents a bid-to-cover ratio of 2.31.

In the latest auction, non-competitive bids totalled S$2.2 billion and were fully allotted.

Meanwhile, around 20 per cent of competitive applications at the cut-off yield were allotted.

Those who specified a lower yield were fully allotted, and those who specified a higher yield were not allotted.

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T-bill yields hit a 30-year high of 4.4 per cent in December 2022, but have hovered mostly around the 3.7 per cent to 3.8 per cent range since March this year. Yields crossed the 4 per cent mark for the first time since January in the auction that closed on Sep 28.