The remainder of the issuance is allocated to competitive bids by specified yield, up to the cut-off yield. Up to 40% of the total issuance amount is reserved for non-competitive bids, with spillovers being allocated on a pro-rated basis. Your bid will be invested regardless of the yield of the T-bill. Non-competitive bids do not have a specified yield, and you need only indicate the amount you want to invest. T-bills are distributed through auctions, and investors can choose between non-competitive bids and competitive bids. Read Also: What Are Singapore Treasury Bills and Are They a Good Investment? How to Invest in T-bills One distinguishing feature of T-bills is that the yield of is not made known beforehand, Instead, you will only know the yield upon redemption at maturity. Investors can choose between T-bills with six-month and one-year tenures, according to their investment timelines. Upon maturity, investors will receive the full face value. T-bills are issued to investors at a discount to their face value. They carry a AAA credit rating (the highest level possible), and are widely considered to be among the safest investments available.

Treasury Bills, or T-bills for short, are short-term debt securities issued by the Singapore Government.

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