April 2024’s Government Bonds: May 2024 SSB, T-Bills, and 10-Year SGS Bond
We started April with lots of nerfs to banking products so it is probably timely that we look at the bond offerings of our very own government. May 2024’s Singapore Savings Bond (SSB) is now available for subscription, on top of the usual two 6-month t-bills as well as a 10-year Singapore Government Securities (SGS) bond.
May 2024 SSB – rates tiny bit up, 2.99% to 3.06% p.a. average returns
| Year from issue date | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Interest % | 2.99 | 2.99 | 2.99 | 2.99 | 2.99 | 2.99 | 3.03 | 3.20 | 3.27 | 3.27 |
| Average return per year % | 2.99 | 2.99 | 2.99 | 2.99 | 2.99 | 2.99 | 3.00 | 3.02 | 3.04 | 3.06 |
Returns for May 2024 are 2.99% p.a. in the shorter term with average returns going to a maximum of 3.06% p.a. for the full 10-year tenure. The tranche size is S$900 million which is the same as last month’s.
April 2024’s SSB had S$292.1 million applied, just shy of a third of its S$900 million tranche. While this month’s rates are nearly identical, I suspect subscription would be significantly higher given that bank rates are falling and the gap between the returns from high-yield savings account and SSBs is narrowing.
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6-month t-bills and 10-year SGS bond
| Announcement Date | Auction Date | Issue Date | Maturity Date | Tenor | Issue Code | Type |
| 03 Apr 2024 | 11 Apr 2024 | 16 Apr 2024 | 15 Oct 2024 | 6-month | BS24107N | T-bill |
| 18 Apr 2024 | 25 Apr 2024 | 30 Apr 2024 | 29 Oct 2024 | 6-month | BS24108V | T-bill |
| 22 Apr 2024 | 26 Apr 2024 | 02 May 2024 | 01 May 2034 | 10-year | NX24100T | SGS Bond |
As usual, two 6-month t-bills are up for subscription. For reference, the latest 6-month t-bill closed at 3.80% p.a. and we can probably expect similar rates in the near future.
A 10-year SGS bond is also available for subscription although I don’t think it offers much benefit over this month’s SSB. Compared to SSB, SGS bonds are a lot less liquid because there is no withdrawal feature unlike SSB. You have to resell the SGS bond in the resale market which can be a difficult thing to do and even if you manage to sell you may not be able to sell it at what you bought it for. One of the only advantages I can see for the SGS bond is that it does not have a S$200,000 cap like SSB and thus it is suited more for investors with a lot more cash to deploy.
This month’s bonds will be interesting to watch
With bank rates going down rather significantly (see UOB One, Bonus$aver), it’d be interesting to see whether there is a stronger uptake in government bonds. Are we going back to the days where SSBs are oversubscribed again?
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Seth Wee was a licensed financial adviser representative from 2009 to 2025, with over 16 years of experience in Singapore’s financial advisory industry.
He started Sethisfy.com in 2019 to share practical insights on credit cards, banking products, and miles strategies, helping readers identify financial products that deliver the best value. Seth has been featured in CNA, Channel 8, Today, and a host of other publications. In 2025, he was also part of a panel at CPF’s Ready For Life festival.
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