How to Buy Singapore Treasury Bills (T-Bills) on FSMOne

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By now, investors would have probably heard about the attractive yields from the Singapore Treasury Bills (T-bills) that are beating fixed deposit rates. For those who are new to this, T-bills are bonds issued by Singapore Government and they are issued every two weeks. Since the beginning of the year, the 6-months T-bills yields have increased more than 7 folds from 0.55% (issued on 11 Jan 2022) to 4% in the latest issuance (BS22122Z; SITB ZERO 16MAY2023 GOVT (SGD)).

The past 2 new issues brought in overwhelming subscriptions with cut-off yields reaching 4.19% for the 1^st November issue and 4.00% for the 15^th November issue.

For investors who are keen to know more about the differences between Singapore Savings Bonds (SSBs), Singapore Government Securities (SGS) and T-bills can check out the detailed comparison of All you need to know about Singapore Government Bonds.

We are happy to share that FSMOne investors can participate in upcoming T-bills auctions via our website or mobile application in just a few simple steps.

On FSMOne.com

New bond issues are usually available on the front page of FSMOne.com and users can click on its link for more information of the new issue:

Investors who are keen to subscribe to the bond can click on [Subscribe Now]:

After indicating the desired nominal value to subscribe (min. S$10,000), there are 2 types of orders available – Market Order or Limit. A Market Order indicates no preference for the final yield of the T-bill while a Limit Order allows investors to set the worst possible yield they are able to accept (so if final yield falls below their expectation, they will not get the allotment):

The final step is to read and check the Disclaimer & Verification before keying your password to confirm:

On FSMOne Mobile Application

Upon logging in to the mobile application, you will be able to see the T-bill issue as follows:

Tap on [Bonds] and the T-bill itself to access its information:

Tap on [Subscribe Bond] to continue:

Similar to subscribing on FSMOne.com, investors can indicate their desired quantity and order type – Market Order or Limit Order:

For investors opting for Limit Order, they can specify their limit yield:

Tap on [Preview Order] to confirm and authenticate your order:

Frequently Asked Questions

Q: Will I be getting any coupon by investing in T-bills?

A: As this is a zero coupon, T-bill is issued at a discount from its face value, investors will receive the face value of the bond upon maturity. For example, if an investor subscribes S$10,000 nominal value of the T-bill and the issue price is at 98.00, it will be issued at a discounted value of S$9,800. At the end of 6 months, on its maturity date, investor will receive S$10,000. The $200 extra reflects the overall return on this investment.

Q: Do I have to prepare the full payable amount upfront? When do I have to pay?

A: No upfront payment is required. You will receive a confirmation email on the outcome of your subscription and the amount that has been successfully allotted to you. Investor has to fund the account within T+2 Business Day (T being the Auction Date). The total amount payable and due date to settle the trades will be enclosed in the confirmation email. If you wish to pay via the existing balance in your SGD Cash Account or SGD Auto-sweep Account, do instruct us by replying to us via the email.

Q: How can I be alerted of new T-bills/Bonds issuance?

A: Open “Notification Centre” under [Account Settings] and switch on the Email and/or SMS setting for [New Bond Issue Alert]

Q: Will I be fully allotted if I subscribe through FSMOne? Should I put in more quantity to have a higher odds of allotment?

A: Allocation is dependent on the overall subscription of the T-bill and cannot be guaranteed even with a larger placement.

Q: Can I still buy the T-bills on the secondary market if I received no allocation from the auction?

A: Yes, T-Bills can be traded on the secondary market and you may refer to our latest write-up for more information: Singapore Treasury Bills & SGS – Buy Them on the Secondary Market with FSMOne!

Q: When is the latest I can place the subscription?

A: Cut-off time is at 10:30am on Auction Date.

For more information on T-bills or the subscription process, feel free to contact us:

1. Via Hotline – 6557 2853

• Mondays to Fridays (except Public Holidays) 8:30am to 10:30pm
• Saturdays (except Public Holidays) 8:30am to 12:30pm

2. Via Email – Clienthelp@fundsupermart.com