August 2024’s Government Bonds: September 2024 SSB, 2 T-Bills, and 5-Year SGS Bond
National Day is upon us and it’s perhaps apt to talk government bonds. In the month of our national birthday, we have the usual number of bonds available for subscription: one SSB, two t-bills, and one SGS bond.
September 2024 SSB – rates dip to 3.06% to 3.10% p.a. returns
| Year from issue date | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| Interest % | 3.06 | 3.06 | 3.06 | 3.06 | 3.06 | 3.06 | 3.09 | 3.17 | 3.21 | 3.21 |
| Average return per year % | 3.06 | 3.06 | 3.06 | 3.06 | 3.06 | 3.06 | 3.06 | 3.08 | 3.09 | 3.10 |
Rates for September’s SSB are down to 3.06% p.a. if held for up to 7 years, and reach a max of 3.10% p.a. if held for the full 10 years. The tranche size is also down slightly to S$900 million, which shouldn’t be an issue since rates are less attractive than the previous SSB so this bond is unlikely to be oversubscribed.
After a few months of oversubscription, August 2024’s SSB reached a subscription rate of around 94%. There was therefore no ceiling amount and everyone got what they applied for subject to the overall S$200,000 limit across all SSBs. Given this month’s rates are even lower, it is unlikely oversubscription will happen.
The last day to apply for this is before 9PM on 27th August 2024.
Other bonds this month
| Announcement Date | Auction Date | Issue Date | Maturity Date | Tenor | Issue Code | Type |
| 07 Aug 2024 | 15 Aug 2024 | 20 Aug 2024 | 18 Feb 2025 | 6-month | BS24116E | T-bill |
| 22 Aug 2024 | 28 Aug 2024 | 02 Sep 2024 | 01 Jul 2029 | 5-year | NY14100E | SGS |
| 22 Aug 2024 | 29 Aug 2024 | 03 Sep 2024 | 04 Mar 2025 | 6-month | BS24117F | T-bill |
Two 6-month t-bills
There are the usual two 6-month t-bills up for subscription this month. The latest 6-month t-bill that closed a few days ago has a cut-off yield of 3.4% p.a. This is a significant drop from the 3.64% p.a. preceding this t-bill, itself a decline from the 3.7% p.a. of the t-bill before it.
5-year SGS bond
The previous 5-year SGS bond closed at 3.22% p.a. in late June 2024, so rates for this month’s 5-year SGS is unlikely to be much better.
For many people, SSB would be superior given how it offers almost full liquidity while SGS bonds have to be resold in the secondary market. Nonetheless, I imagine those who have already maxed out their S$200,000 overall limit for SSBs might still look at this.
It is also worth noting that the next SGS bond will be opened for auction in September, and that is a 50-year one. After that, there will be no more SGS bonds for subscription until January 2025.
Alternatives for higher yields
While government options are lower in yields this month, corporations are more than happy to compete. This month has promos for bank accounts and investment apps alike.
A new month means new promos from banks like StanChart and HSBC. While not new, UOB’s Q3 promo is still available for those who have yet to participate.
For those comfortable with investment apps, there are also fantastic promos to be had. Singapore is celebrating its 59th year of independence and POEMS is offering 5.9% p.a. guaranteed returns for the occasion. It’s limited to the first 1,000. After a lengthy absence, Chocolate Finance is gearing up for a public launch for its 4.2% rate and you can see details here.
Check out this video for more details on “guaranteed returns”.
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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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