The demand reflects how soaring inflation is driving investors to look for ways to protect their capital, while other assets continue to come under pressure from higher rates. With growing expectations that central banks may be slowing hikes, funds are also looking to lock in higher yields.
Singapore’s Treasury bills saw strong demand at Thursday’s auction, with bids more than twice what was offered amid fierce bidding from retail investors and money-market funds.
The city state sold $4.8 billion of six-month T-bills after drawing cumulative bids worth $11.9 billion. The securities were sold at an average yield of 3.9% on Thursday, edging down from the 4% offered two weeks ago when there was also a record amount of bids.
