January 2024’s Government Bonds: February 2024 SSB, Three T-Bills and One 2-Year SGS Bond

The first Singapore Savings Bond (SSB) you can subscribe for in the year of 2024, the February 2024 is now available for subscription. Also, there are the usual two 6-month t-bills and a 1-year t-bill up for subscription. Finally, a 2-year SGS bond is also available.

Here are the Singapore government bonds you can apply for in the month of January 2024:

February 2024 SSB

Year from issue date12345678910
Interest %2.722.722.722.722.722.722.722.993.093.09
Average return per year %2.722.722.722.722.722.722.722.752.782.81
SBFEB24 GX24020T Bond Details

February 2024’s SSB offers a pretty unattractive rate – just 2.81% p.a. if you held it for the entire 10-year duration. Last month’s SSB which had higher rates saw about 77.5% subscribed (S$853 million out of a S$1.1 billion tranche) so it is likely that the current SSB up for subscription would likely see much lower application from savers and investors. Lower interest for lower interest, get it?

Since last month’s bond was far from oversubscribed, it’s very safe to say that this month’s SSB will see no ceiling amount.

Past SSBs

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
June 20232.81 2.81 2.81 2.81 2.81 2.81 2.81 2.81 2.81 2.81
July 20232.76 2.76 2.76 2.76 2.76 2.76 2.76 2.78 2.81 2.82
August 20232.97 2.97 2.97 2.97 2.97 2.97 2.97 2.98 2.98 2.99
September 20233.01 3.01 3.01 3.01 3.01 3.01 3.01 3.02 3.04 3.06
October 20233.05 3.05 3.05 3.05 3.05 3.05 3.06 3.09 3.13 3.16
November 20233.21 3.21 3.21 3.21 3.21 3.21 3.22 3.25 3.29 3.32
December 20233.30 3.30 3.30 3.30 3.30 3.30 3.31 3.34 3.37 3.40
January 20243.00 3.00 3.00 3.00 3.00 3.00 3.00 3.02 3.05 3.07
February 20242.72 2.72 2.72 2.72 2.72 2.72 2.72 2.75 2.78 2.81
March 20242.74 2.74 2.74 2.74 2.74 2.74 2.75 2.79 2.84 2.88
April 20242.95 2.95 2.95 2.95 2.95 2.95 2.96 2.99 3.02 3.04
See More Past SSBs

Year From Issue Date12345678910
May 20220.861.491.721.841.911.962.012.042.062.09
Jun 20221.431.922.162.302.372.432.462.492.512.53
Jul 20221.692.162.372.472.542.602.632.662.692.71
Aug 20222.002.422.632.742.822.882.922.952.973.00
Sep 20222.632.672.682.692.692.712.732.752.782.80
Oct 20222.602.602.602.622.642.662.682.702.732.75
Nov 20223.083.113.143.153.163.173.183.193.203.21
Dec 20223.263.263.273.343.393.423.443.453.463.47
Jan 20232.952.952.953.023.093.133.163.193.233.26
Feb 20232.842.842.842.842.842.842.862.902.942.97
Mar 20232.762.762.762.762.762.762.782.822.862.90
Apr 20233.013.013.013.013.013.013.033.073.123.15
May 20233.033.033.033.033.033.033.033.043.063.07

Average return per year %

Two 6-month t-bills, one 1-year t-bill and one 2-year SGS bond

There are a few t-bills and SGS bonds to pick from this year, which could be great news if you have funds to set aside for the short term.

The usual 6-month t-bills are up for subscription. The latest 6-month t-bill was auctioned at a cut-off yield of 3.73% p.a.

A relatively rare sight, we have a 1-year t-bill to subscribe to in January. This only occurs 4 times a year and the last one in October 2023 had a cut-off yield of 3.7% p.a.

Lastly, there’s also a relatively short-term 2-year SGS bond which may come in useful if your intended time horizon for your funds fits this tenure.

Issue CodeTypeAnnouncement DateAuction DateTenure
BS24100FT-bill27 Dec 202304 Jan 20246-month
BS24101ZT-bill11 Jan 202418 Jan 20246-month
BY24100TT-bill18 Jan 202425 Jan 20241-year
NX16100FSGS Bond23 Jan 202429 Jan 20242-year

If you place a competitive bid, you specify the amount as well as your desired yield. If your bid is lower than the cut-off yield, you get your desired amount allotted in full at the cut-off yield. If your bid is higher than the cut-off yield, you do not get any amount allotted. 

For example, you can bid 3% p.a. and S$10,000 for a particular bond. If the cut-off yield is 3.2% p.a (i.e. higher than your bid), you will get your S$10,000 invested in full at 3.2% p.a. However, if the cut-yield is 2.95% p.a. (i.e. lower than your bid), you will not get any invested.

For non-competitive bids, you only need to set your desired amount to invest. You will be allotted your desired amount at the cut-off yield. If non-competitive applications exceed 40% of the total issuance amount (as it did this time), non-competitive applications will be allotted on a pro-rated basis.

Savings accounts and promos may be more attractive

Given the relatively lacklustre rates of SSBs, savings accounts and promos would likely be more attractive to savers especially in the very short term. While SSBs do guarantee its rates for 10 years, it is very difficult to give up high interest rates for just 2.72% in the short-term.

Check out the savings promos available – some of which are ending early to mid January – and stay subscribed for more great deals and promos.

Keep up to date on the best cashback/mile cards, financial products, attractive deals, and more tips to maximise your financial wellbeing by subscribing to my Telegram channel.

Subscribe to the channel, then join the group chat. You would often benefit from the tips shared exclusively in the group chat!

Disclaimer: I may receive an affiliate/referral fee when you sign up for services/products on this site, and such fees keep the site running. I would only recommend services/products I would personally use or recommend to my own friends and family, but I do not provide any warranty or guarantee for the quality of these services/products. Thank you for supporting my site!

Please exercise due diligence when signing up for any service/product as I will not be liable for any personal loss, financial or otherwise. Content published here are my sole views and personal opinion, and none of the information here constitutes personal financial advice nor represents the views of my employer(s).

Leave a Reply