The latest 6-month T-bill (BS23122F) had a cut-off yield of 3.75% p.a., which was lower than the 6-month T-bill (BS23121E) and 6-month T-bill (BS23120A) which had a cut-off yield of 3.95% and 3.87% p.a. As such, investors usually look at past issuances as a guideline. The interesting thing about T-Bills is that the interest rate is determined after the auction period has ended. The 6-month T-Bills are usually issued twice a month whereas the 1-year T-Bills are less frequent. In Singapore, there are currently 2 types of T-Bills being issued, namely the 6-month and 1-year T-Bills.
