Weekly recap: The Santa Claus rally continues

By Beansprout • 23 Dec 2023 • 0 min read

Stocks continued their climb while the T-bill yield fell further

what happened in the markets 23 dec 2023
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As we come to the end of 2023, it’s time to look back on the past year and start planning for 2024. 

While many will remember 2023 for the sky-high interest rates, the coming year may bring about a fall in interest rates. 

We’ve already seen the cut-off yield for the 6-month Singapore T-bill auction fall to 3.73% in the latest auction. 

Based on our projections, the next SSB issuance may also come with a lower interest rate. 

Against this backdrop, we find out what are the potential investment opportunities in 2024

Also, we share how we do a complete financial health check, covering everything from our cash savings to our CPF. 

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Source: Bloomberg. Price as of market close on 22 December 2023



What happened? 

The share price of Singapore REITs continued their upward climb with a decline in government bond yields

What does this mean?

Singapore REITs potentially benefit from lower interest rates in a few ways.

Firstly, their distributions may increase when financing costs come down.

Next, the dividend yields offered by Singapore REITs may appear relatively more attractive compared to lower risk assets such as Singapore government bonds. 

Why should I care? 

Despite easing concerns on the impact of higher interest rates, we should remain prudent when investing in Singapore REITs. 

To learn more about how to choose the best REIT for your portfolio, check out our complete guide to Singapore REITs

We also share more about 3 Singapore REITs that demonstrated resilience in 2023


Interest rates are falling. Apply for the SSB now or wait for the next one?

The projected interest rate for the next SSB is expected to be even lower.

ssb projection dec 2023 vs tbill fixed deposit.jpg



  • City Developments expects to report a “substantial decrease” in earnings for fiscal year 2023, driven by an absence of exceptional gain, higher financing costs, as well as further impairments it is likely to make on its UK assets. 
  • CapitaLand Ascendas REIT has agreed to sell three of its logistics properties in Australia for S$64.2 million, representing a 6.2% premium over the market valuation of the properties. 
  • Keppel DC REIT issued a letter of demand to its tenant of three Guangdong data centres to recover 48.3 million yuan (S$9.1 million) of owed rentals and related expenses. 
  • Keppel Infrastructure Trust will commit up to EUR 109 million (S$158.9 million) to acquire a 45% effective stake in a solar portfolio from German renewable energy company Enpal B.V. 
  • Chinese electric vehicle maker Nio (NIO) announced that it has entered into a share subscription agreement with CYVN Holdings, which will invest US$2.2 billion in cash to subscribe for 294 million newly issued ordinary shares. 

Source: Bloomberg, CNBC, Financial Times, Business Times, Edge Singapore



  • Monday, 25 Dec: Christmas Day Public Holiday
  • Tuesday, 26 Dec: SSB application closing date

Source: Bloomberg, SGX 

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