THE cut-off yield on the latest Singapore six-month Treasury bill (T-bill) fell slightly to 3.74 per cent, according to auction results released by the Monetary Authority of Singapore on Thursday (Apr 25).
This is compared to the 3.75 per cent offered in the previous six-month auction, which closed on Apr 11.
Demand was down in the latest tranche. The auction received a total of S$14.4 billion in applications for the S$6.6 billion on offer, representing a bid-to-cover ratio of 2.18.
In comparison, the previous auction received S$16 billion in applications for the S$6.3 billion on offer.
Around 96 per cent of non-competitive applications, totalling S$2.6 billion, were allocated.
Meanwhile, around 21 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, and have mostly hovered around the 3.7 to 3.8 per cent range since March 2023, amid the high-interest-rate environment.
