SINGAPORE BOND MARKET MECHANICS
Treasury Bills
Singapore T-Bill Cut-Off Yield
How the marginal auction yield is determined for Singapore Treasury bills.
MECHANISM
The T-bill cut-off yield is the marginal accepted yield at auction. Because bills are short-dated discount instruments, the auction is an important observable for near-term SGD government funding conditions.
WHAT TO MONITOR
Compare cut-off yield with prevailing short-term SGD rates and recent bill auctions.
Primary-source starting points: Monetary Authority of Singapore — Bonds and Bills and Singapore Ministry of Finance — Assets and Liabilities. Source availability varies by mechanism.
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