Late December 2022 T-Bill: 4.28% P.A. Yield

After the high cut-off yield of 4.4% p.a. yield earlier this month, late December’s treasury bill (BS22125T) has a cut-off yield of 4.28% p.a. S$4.4 billion was allotted with a considerably higher application amount of S$11.8 billion (as opposed to S$9.3 billion in early December’s t-bill).

Allotment results

Non-competitive applications were 100% allotted.

Tap here to read more about how bidding works.

Despite a higher median and average yield of 4% p.a. and 3.76% p.a compared to the last t-bill, the cut-off yield is lower. This is because the application amount is some 26.8% higher, explains Xris from the group chat.

Seth
Seth

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Next t-bill

This is the last t-bill issued for the year of 2022, although there is another 6-month t-bill that would be open for application from 28th December 2022 with an auction date of 5th January 2023.

In January 2023, there would be a 6-month t-bill open for application on 11th January 2023.

There will also be a 1-year t-bill opening for application on 17th January 2023. It is the first 1-year t-bill for 2023 to be open for individual subscription next year, and there will only be a total of 4 t-bills of such tenure for 2023. It’ll be interesting to see what kind of rates it’ll close at on its auction date of 26th January 2023.

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