July 2023’s Government Bonds: 2.99% P.A. August 2023 SSB, 5-year SGS Bond and 3 T-Bills
August 2023’s Singapore Savings Bond (SSB) sees an average return of 2.99% p.a. for its 10-year period. Rates are almost completely flat and first-year interest is already 2.97%, so you get nearly 3% p.a. regardless of how long you hold the bond for. This is an uptick in rates from last month’s July 2023 SSB.
Also, there are 3 T-Bills whose auction dates fall on this month, including one of only 4 1-year t-bills for the year of 2023.
August 2023 SSB
| Year from issue date | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Interest % | 2.97 | 2.97 | 2.97 | 2.97 | 2.97 | 2.97 | 2.97 | 3.02 | 3.04 | 3.04 |
| Average return per year %* | 2.97 | 2.97 | 2.97 | 2.97 | 2.97 | 2.97 | 2.97 | 2.98 | 2.98 | 2.99 |
The rates of August 2023 SSB looks similar to that in May 2023 which was nearly oversubscribed. SSbs haven’t been oversubscribed in a while, with April 2023’s SSB being the last time this happened. Given the similar rates, August’s SSB may prove popular too with individuals looking for a low-risk way to grow their funds.
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Past SSB Rates
| Year From Issue Date | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| June 2023 | 2.81 | 2.81 | 2.81 | 2.81 | 2.81 | 2.81 | 2.81 | 2.81 | 2.81 | 2.81 |
| July 2023 | 2.76 | 2.76 | 2.76 | 2.76 | 2.76 | 2.76 | 2.76 | 2.78 | 2.81 | 2.82 |
| August 2023 | 2.97 | 2.97 | 2.97 | 2.97 | 2.97 | 2.97 | 2.97 | 2.98 | 2.98 | 2.99 |
3 t-bills up for subscription this month, and one SGS bond
For the month of July 2023, there are 3 t-bills to subscribe. 2 of them are the usual 6-month variants, while one is a rare 1-year t-bill. There is also a 5-year SGS bond to
| Type | Announcement Date | Auction Date | Tenure |
| T-bill | 28th June 2023 | 6th July 2023 | 6-month |
| T-bill | 13th July 2023 | 20th July 2023 | 6-month |
| T-bill | 20th July 2023 | 27th July 2023 | 1-year |
| SGS Bond | 20th July 2023 | 27th July 2023 | 5-year |
The latest 6-month t-bill had a pretty high cut-off yield of 3.89% p.a. 6-month t-bills will likely continue to be a popular way to set aside savings for a short term. For those who wish to set aside their funds for a longer time, they may consider subscribing the 1-year t-bill which is the 3rd of 4 1-year t-bills this year.
Finally, there is also a 5-year SGS bond to subscribe later this month. It should be slightly higher in rates than this month’s SSB, although I wonder whether losing liquidity for a little more returns is worth it.
Remember, you can easily redeem your SSB any month you wish with no capital loss, and returns are given to you on a pro-rated basis.
Conversely, SGS bonds and t-bills have to be sold in the open market. The trading volume tends to be low so you might have trouble selling your bond without capital loss. Even at a discount, it may not be an easy thing to find a buyer for your bond.
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