Will I still buy T-Bills with falling yields? Why do yields keep dropping and any chance this will change?

So in this article, I wanted to discuss a couple of points:

1. Why do T-Bills yields keep falling?
2. What is the estimated yield on the next T-Bills auction on 3 July? Any chance that yields go back up?
3. What are the alternatives to T-Bills in today’s market?

I’m trialing a slightly different format for today’s T-Bills article (as compared to previous version).

Love to hear what you think on which style you like more!

Executive Summary (for the busy horse‑riders)

• Six‑month Singapore T‑bill yields have nosedived from 3 % in January to just 2 % in the latest 19 June auction.
• The main culprits are cheaper short‑term funding (SORA, SGD swaps), flat issuance, and an army of retail bidders parking spare CPF‑OA cash.
• Barring a curve‑ball from the Fed or MAS, I think the next auction settles around 1.95 % ± 0.05 %. If you need the liquidity, go non‑competitive and move on; otherwise

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