Latest Singapore 1-year T-bill cut-off yield drops to 1.68%

[SINGAPORE] The Republic’s latest one-year tranche of Treasury bills (T-bills) is offering a cut-off yield of 1.68 per cent, indicated auction results released by the Monetary Authority of Singapore on Thursday (Jul 24).

This is down from the 2.29 per cent offered in the auction for the previous one-year tranche in April.

The auction received a total of S$11.3 billion in applications for the S$5.5 billion on offer, representing a bid-to-cover ratio of 2.05.

In comparison, the previous auction received S$11.2 billion in applications for the S$5.3 billion on offer.

The median yield in the latest auction was 1.6 per cent, down from 2.13 per cent in the previous auction.

The average yield also dropped to 1.44 per cent, from 2.11 per cent previously.

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Non-competitive bids totalled S$477 million, and were fully allotted.

About 32 per cent of competitive applications at the cut-off yield were allotted. Those who specified a lower yield were fully allotted; those who specified a higher yield were not.