Latest Singapore 6-month T-bill cut-off yield rises to 1.44%

Auction receives a total of S$13.5 billion in applications for the S$7.7 billion on offer, representing a bid-to-cover ratio of 1.75

The cut-off yield on Singapore’s latest six-month Treasury bill (T-bill) rose to 1.44 per cent, based on auction results released by the Monetary Authority of Singapore on Thursday (Sep 25).

This was an increase from the 1.38 per cent offered in the previous six-month auction that closed on Sep 11.

This also comes after yields fell for 13 consecutive issuances since Mar 26.

The latest auction received a total of S$13.5 billion in applications for the S$7.7 billion on offer, representing a bid-to-cover ratio of 1.75.

In comparison, the previous auction received a total of S$15.7 billion in applications for the S$7.8 billion on offer, which worked out to 2.02 for the bid-to-cover ratio.

The median yield for the latest auction stood at 1.33 per cent, up from 1.31 per cent in the previous auction.

SEE ALSO

The average yield fell to 1.23 per cent, from 1.27 per cent previously.

All non-competitive bids were allotted, amounting to S$903.5 million, while around 4 per cent of competitive applications at the cut-off yield were allotted.

Singapore will issue up to another S$450 billion in government securities, with a parliamentary motion having been passed last November to raise the government’s issuance limit to S$1.515 trillion, from S$1.065 trillion previously. The new limit is expected to last until 2029.