{"id":1903,"date":"2023-07-31T23:05:40","date_gmt":"2023-07-31T15:05:40","guid":{"rendered":"https:\/\/www.wealthfor.us\/article\/?p=1903"},"modified":"2026-10-25T14:09:41","modified_gmt":"2026-10-25T06:09:41","slug":"1-year-t-bill-1-aug-2023-by23102n-yield-jumped-to-3-74","status":"publish","type":"post","link":"https:\/\/www.wealthfor.us\/article\/1-year-t-bill-1-aug-2023-by23102n-yield-jumped-to-3-74\/","title":{"rendered":"1-Year T-bill 1 Aug 2023 (BY23102N) Yield Jumped to 3.74%"},"content":{"rendered":"

The latest auction for 1-year T-bill 1 Aug 2023 (BY23102N) <\/span>concluded<\/span><\/a> with a cut-off yield of 3.74%. This yield is a jump from the previous auction, which yielded only 3.58%. What an excellent result for investors, and congrats to those who got the allocation! Why did the yield rise quite significantly? Let’s look at the auction summary:<\/span><\/p>\n

\"T-bill<\/p>\n

 <\/p>\n

Jump in T-bill Yield<\/h2>\n

Investors should be pleased with the auction result for this T-bill 1 Aug 2023 (BY23102N). The cut-off yield of 3.74% was an upside surprise that investors happily welcomed.<\/span><\/p>\n

\"1-Year
Singapore T-bill historical interest rates chart. The latest yield of 3.74% is slightly higher than the previous auction and remains among the highest in recent years.<\/figcaption><\/figure>\n

For more details on the 1-year T-bill interest rates, refer to our Singapore T-bill interest rate<\/a> coverage.<\/p>\n

The 3.74% yield is a notable jump from the previous 3.58%. It is one of the highest levels in recent years. Given that we may be <\/span>reaching the\u00a0<\/span><\/a>tail end of the current rate-hike cycle<\/a>, most investors do not expect the 1-year T-bill rate to defy market expectations and jump to recent highs<\/span>. What may contribute to this higher yield?<\/span><\/p>\n

 <\/p>\n

Low T-bill Demand<\/h2>\n

This T-bill 1 Aug 2023 (BY23102N) saw relatively low demand. It dropped quite a bit! This auction saw total applications of $9.3 billion, while the previous auction reached $12.7 billion. Why such a drop?<\/span><\/p>\n

In addition to institutional investors, 1-year T-bills have attracted many retail investors who use CPF because of the CPF’s unique quirk: potentially losing one or two months of CPF interest. This quirk has encouraged CPF applicants to apply for the longer 1-year maturity. The not-so-good news for this auction is that this issuance has a high likelihood of losing two months of interest. This may reduce demand for the T-bill among CPF applicants.<\/span><\/p>\n

Additionally, cash holders have other options, such as the 6-month T-bill, which <\/span>last yielded 3.85%<\/span><\/a>. Indeed, the previous 6-month T-bill auction saw demand jump.<\/span><\/p>\n

The market forces could be at play here. <\/span>With demand on the low side, it’s normal for yields to rise<\/b>.<\/span><\/p>\n

Competitive vs. Non-Competitive Bids<\/span><\/h3>\n

If you had followed the 6-month T-bill auction, you would have known that the quota for non-competitive bids was reached in the recent auctions. This phenomenon did not happen in the 1-year T-bill, as the total allocation was still way below the maximum allocation for the non-competitive bids. Unlike the 6-month T-bill auction, using non-competitive bids for a 1-year T-bill auction is still a relatively safe way to get your desired allocations.<\/span><\/p>\n

However, if you apply using CPF, it is still preferable to use competitive bids to ensure that you earn more than what CPF has to offer by default.<\/span><\/p>\n

 <\/p>\n

1-Year T-bill Alternatives<\/h2>\n

How competitive is this latest 1-year T-bill 1 Aug 2023 (BY23102N) yield of 3.74%? Let’s compare it to the alternatives.<\/span><\/p>\n

The most obvious alternative is the 6-month T-bill. Although shorter in duration, both are still considered short-term instruments. The latest 6-month T-bill yield was 3.85%. With a relatively small difference in yield, we believe that the 1-year T-bill, which yields 3.74%, is an attractive proposition because it allows investors to lock in a relatively high rate for a more extended period. With the market expecting the Fed’s pivot to start next year, it may be an excellent time to lock in this higher rate now.<\/span><\/p>\n

How about fixed deposits? You can compare the <\/span>latest fixed deposit rates<\/span><\/a> with the 1-year T-bill yield. With the highest 12-month fixed deposit rates hovering around 3.40-3.45%, it is safe to say that the 1-year T-bill is more attractive at the moment.<\/span><\/p>\n

If you are an investor with the lowest risk profile who seeks capital preservation, the 1-year T-bill may be a good choice, as it lets you lock in higher rates for longer.<\/span><\/p>\n

If you have a higher risk profile, you may want to position your portfolio to benefit from the possibility that we have entered the tail end of this rate-hike cycle. Asset classes such as REITs and stocks\/ETFs may benefit if interest rates reverse. If you want to learn more about Singapore REITs, you can check out our <\/span>Singapore REITs<\/span><\/a> data or our guide on <\/span>Singapore REIT ETFs<\/span><\/a>.<\/span><\/p>\n

Are you interested in the 1-year T-bill? If yes, you may follow our step-by-step guide on <\/span>how to buy T-bills<\/span><\/a>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The latest auction for 1-year T-bill 1 Aug 2023 (BY23102N) concluded with a cut-off yield of 3.74%. This yield is a jump from the previous auction, which yielded only 3.58%. What an excellent result for investors, and congrats to those who got the allocation! Why did the yield rise quite significantly? Let’s look at the… Continue reading 1-Year T-bill 1 Aug 2023 (BY23102N) Yield Jumped to 3.74%<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":2168,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102],"tags":[],"class_list":["post-1903","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-singapore","entry"],"yoast_head":"\n1-Year T-bill 1 Aug 2023 (BY23102N) Yield Jumped to 3.74%<\/title>\n<meta name=\"description\" content=\"The auction for 1-year T-bill 1 Aug 2023 (BY23102N) concluded with a cut-off yield of 3.74%. 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