Singapore Treasury bills (T-bills)

[stephenbishop]

Another point is for SGS bonds that is new is 10 years if want to sell in SGX no buyers and trade with dealer banks also troublesome etc. T-bill has short tenure so just hold to maturity monies come back. SSB also 10 years but every month can redeem just pay $2 able to sell off get monies back. In this context I prefer T-bill and SSB over SGS bonds. This is my own opinion of cuz.

Yes of course. The short tenor of tbills is an attraction compared with long dated bonds.

 

[reddevil0728]

The auction date is impt. BS2212V is done on 23 Jun 2022 whereas BY22101N is done on 13 Apr 2022. Since on different dates of cuz the yield is different. I am trying to find a closest auction date for both 6 and 12 months T-bill for more meaningful comparison.

BY22102V 12 month auction date is 21 July 2022 and BS22114E 6 months also 21 July 2022 SAME DAY!!! Closest 6 month would be BS22113A at 07 Jul 2022 so maybe use the results of 07 Jul 2022 to predict for the 12 months on 21 July 2022?

Anyone sharing say for same 10K how would you split between the 6 months and 12 months T-bill for July?

huh? why so complicated. the 4 12m auctions coincide with 6m auctions what.

 

[lzydata]

The auction date is impt. BS2212V is done on 23 Jun 2022 whereas BY22101N is done on 13 Apr 2022. Since on different dates of cuz the yield is different. I am trying to find a closest auction date for both 6 and 12 months T-bill for more meaningful comparison.

Actually, that extracted table comes from the daily SGS prices page, which is not the auction yields of the respective T-bills. As the legend says "Data reflect bid rates quoted by SGS primary dealers". On the same day.

It is entirely possible for the 6 months T-bill market yield to exceed the 1 year on a given day, especially after you have a fresh 6 months T-bill and stale 1 year. But overall, the 1 year will tend to be higher.

 

[jayou8]

Actually, that extracted table comes from the daily SGS prices page, which is not the auction yields of the respective T-bills. As the legend says "Data reflect bid rates quoted by SGS primary dealers". On the same day.

It is entirely possible for the 6 months T-bill market yield to exceed the 1 year on a given day, especially after you have a fresh 6 months T-bill and stale 1 year. But overall, the 1 year will tend to be higher.

Maybe it is stale just because it is illiquid. However if an auditor is to ask why a trader, middle office or product controller mark to market their books using this rate, I don't think can fault them as after all it is a benchmark rate published by MAS

 

[gladtoknowmore]

is there a way to get alert when any new bond opens? I alr have the SSB one, what about SGS and T-bill?


Read HWZ Forum Rules!

 

[reddevil0728]

is there a way to get alert when any new bond opens? I alr have the SSB one, what about SGS and T-bill?


Read HWZ Forum Rules!

try this?

https://www.mas.gov.sg/subscription-services
may not be 100% related..

anyway T-bill is just going to be fortnightly for the 6m version. why not just set reminders?

 

[Nofear40]

New to T bills.
Does one usually go for competitive or non-competitive bids?
For competitive bids, if you bid lower than the actual one, which one do you get?

 

[reddevil0728]

New to T bills.
Does one usually go for competitive or non-competitive bids?

eh depends on objective?

competitive if you are targeting specific yield, non competitive if you just accept whatever is the final outcome

For competitive bids, if you bid lower than the actual one, which one do you get?

u get the cut-off yield aka i assume that's what you mean by the actual one

 

[Nofear40]

eh depends on objective?

competitive if you are targeting specific yield, non competitive if you just accept whatever is the final outcome


u get the cut-off yield aka i assume that's what you mean by the actual one

Got it. Yes - actual one. Wanted to use OA to invest

 

[reddevil0728]

Got it. Yes - actual one. Wanted to use OA to invest

Can share the procedure for doing so?

 

[Nofear40]

Can share the procedure for doing so?

Have not tried yet. my CPFIS account is with OCBC. So will log into ocbc to apply when the tranche is released. But the rate is lower than 2.5%. So will just wait first

 

[reddevil0728]

Have not tried yet. my CPFIS account is with OCBC. So will log into ocbc to apply when the tranche is released. But the rate is lower than 2.5%. So will just wait first

any charges? seems like there are. so need to factor all that in

 

[CaptainWu]

I tried before there is no option for CPF investment online, someone advised and I have checked using CPF OA you will have to go down to the Bank for the application, in the case of DBS have to go to Main Branch, not sure for OCBC. I don't think there is a charge but I am yet to try.

"For CPFIS Application: You will need to submit an application in person at the main branch of your respective CPF Investment Scheme (CPFIS) agent bank (DBS/POSB, OCBC, or UOB)."

I am thinking for the coming 5/10 years bond but for T-Bills if there is only marginal difference interest rate and I personally don't think its worth with the effort as the tenture is short.

 

[reddevil0728]

I tried before there is no option for CPF investment online, someone advised and I have checked using CPF OA you will have to go down to the Bank for the application, in the case of DBS have to go to Main Branch, not sure for OCBC. I don't think there is a charge but I am yet to try.

I am thinking for the coming 5/10 years bond but for T-Bills if there is only marginal difference and I personally don't think its worth with the effort as the tenture is short.

there are charges... i think ok for tbill even if short tenure so long as the yield is high enough and if can be done online.

SGS bonds.. longer duration, if so happen OA interest somehow become higher. then rugi.

whereas t-bill less suspectible to that.

 

[CaptainWu]

there are charges... i think ok for tbill even if short tenure so long as the yield is high enough and if can be done online.

SGS bonds.. longer duration, if so happen OA interest somehow become higher. then rugi.

whereas t-bill less suspectible to that.

Can share any reference if you found out there is charges involved? I will try to call DBS tomorrow to validate also.

I aware the potential rate hikes for CPF OA if go for SGS Bond and that's why I am checking the reference historical data in other thread. Personally I think rate hikes should most last for a year so Singapore may not catch up so quickly ...of course I could be wrong. For T-Bills this may be higher than 2.5% in next few cycles but unless you subscribe for a big amount and the rate says higher than 3%? As you will have to spend at least 2 hours+ to go down and do the trascation physically at the main branch. Its time/effort against rewards to consider.

 

[reddevil0728]

Can share any reference if you found out there is charges involved? I will try to call DBS tomorrow to validate also.

Nowadays a lot of resources online. don't really need to call. A lot of times CSO also aren't sure about such stuff especially when it is not as common.

https://www.dbs.com.sg/personal/investments/srs-and-cpf/cpf-investment-account > Find "Schedule of charges"

https://www.ocbc.com/personal-banking/investments/cpf-investment-account > Find "Fees"

I aware the potential rate hikes for CPF OA if go for SGS Bond and that's why I am checking the reference historical data in other thread. Personally I think rate hikes should most last for a year so Singapore may not catch up so quickly ...of course I could be wrong. For T-Bills this may be higher than 2.5% in next few cycles but unless you subscribe for a big amount and the rate says higher than 3%?, as you will have to spend at least 2 hours+ to go down and do the trascation physically at the main branch. Its time/effort against rewards to consider.

that's why only worth if it can be done conveniently. but then again some ppl like to optomise till the last drop

 

[Nofear40]

Found this.
#10

https://www.dbs.com.sg/personal/ibanking/faq/sgsbond.page

 

[CaptainWu]

Nowadays a lot of resources online. don't really need to call. A lot of times CSO also aren't sure about such stuff especially when it is not as common.

https://www.dbs.com.sg/personal/investments/srs-and-cpf/cpf-investment-account > Find "Schedule of charges"

https://www.ocbc.com/personal-banking/investments/cpf-investment-account > Find "Fees"

that's why only worth if it can be done conveniently. but then again some ppl like to optomise till the last drop

okay its $2.5 so is managable. Thanks.

 

[reddevil0728]

okay its $2.5 so is managable. Thanks.

Those on transaction. There’s still the quarterly fee

 

[reddevil0728]

Found this.
#10

https://www.dbs.com.sg/personal/ibanking/faq/sgsbond.page

So means can’t do it online