The city-state will sell S$4.8 billion (US$3.5 billion) of six-month T-bills after an offering two weeks ago drew a record S$14.2 billion worth of bids. The securities yielded 4.01% on Wednesday, near an all-time high of 4.14% reached on Nov 10.

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.

“Demand is likely strong again as investors try to lock in return, which may pressure down the yield compared to where the market is trading,” said Frances Cheung, a rates strategist at Oversea-Chinese Banking Corp in Singapore.

T-bills are available both to retail and institutional investors, unlike short-term debt issued by the Monetary Authority of Singapore. Yields awarded on six-month bills jumped to 4.19% in October, from just over 2% in June.

Core inflation in the island state rose to 5.1% from a year ago last month, with the MAS having tightened five times through its exchange rate since last October.

Demand for government debt from retail investors will be further tested when application for the nation’s so-called saving bonds closes on Friday. The Monetary Authority of Singapore is selling S$1 billion of 10-year notes, an instrument to bolster retirement savings, with a yield of at least 3.2%.