July 2024’s Government Bonds: August 2024 SSB, Four T-Bills, and 15-Year SGS Bond
July marks the second half of 2024, and there are multiple government bonds to choose from this month. Aside from the monthly Singapore Savings Bonds (SSB) for August 2024, this month also sees not the usual 2 but 4 t-bills as well as a 15-year SGS bond.
That’s a total of 6 bonds this month! What a crowded month for government bonds so let’s take a closer look.
August 2024 SSB – rates down to 3.19% to 3.22% p.a. returns
| Year from issue date | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Interest % | 3.19 | 3.19 | 3.19 | 3.19 | 3.19 | 3.19 | 3.20 | 3.28 | 3.31 | 3.31 |
| Average return per year % | 3.19 | 3.19 | 3.19 | 3.19 | 3.19 | 3.19 | 3.19 | 3.20 | 3.21 | 3.22 |
August 2024’s SSB dips a little from July’s SSB, giving average returns of 3.19% to 3.22% p.a. depending on how long you keep the bond for. This is down from the 3.26% to 3.30% p.a. returns of the month before. The tranche is also decreased to S$1 billion from S$1.1 billion.
Last month’s bond was oversubscribed by about 9% – of the S$1.1 billion tranche, S$1.2 billion in eligible applications was applied for. This resulted in a ceiling amount of S$59,500. Tranches tend to increase in size following an oversubscription, but subscription rate for this bond might not be as high as previous months given the lower rates. I’m guessing it wouldn’t be oversubscribed by much, if at all.
The last day to apply for this is 26th July 2024 (9PM). Applying on 26th July itself is ideal so that your funds can sit in other places to earn interest.
Other bonds this month
| Announcement Date | Auction Date | Issue Date | Maturity Date | Tenor | Issue Code | Type |
| 27 Jun 2024 | 04 Jul 2024 | 09 Jul 2024 | 07 Jan 2025 | 6-month | BS24113N | T-bill |
| 11 Jul 2024 | 18 Jul 2024 | 23 Jul 2024 | 21 Jan 2025 | 6-month | BS24114V | T-bill |
| 18 Jul 2024 | 25 Jul 2024 | 30 Jul 2024 | 29 Jul 2025 | 1-year | BY24102W | T-bill |
| 23 Jul 2024 | 29 Jul 2024 | 01 Aug 2024 | 01 Jul 2039 | 15-year | NZ19100S | SGS Bond |
| 25 Jul 2024 | 01 Aug 2024 | 06 Aug 2024 | 04 Feb 2025 | 6-month | BS24115A | T-bill |
Two 6-month and one 1-year t-bills
This month, apart from the usual 6-month t-bills, there is also a 1-year t-bill up for subscription. There are only four 1-year t-bills each year and this is the second one up for subscription this year.
The latest 6-month t-bill closed at a cut-off yield of 3.74% p.a. while the 1-year t-bill in April closed at 3.58% p.a. earlier this year.
15-year SGS bond available
If you want something long term, there is a 15-year bond available. The last time we had a 15-year SGS bond was in March 2023, and that closed at 2.80% p.a. cut-off yield. While this rate may seem low, remember that it was only a few years ago that we had pretty low interest rates.
Note that SGS bonds and t-bills do not have the same liquidity as SSBs which you can liquidate anytime and redeem your funds. SGS bonds and t-bills need to be resold in the secondary market, and depending on the prevailing market rate you may make gains or losses.
There could also be poor liquidity because of the relatively low transaction volume in the local bond resale market. You might not be able to find a buyer easily.
Other options?
Investors and savers with cash continue to be spoilt for choice this month with a bevy of choices to pick from.
Notably, Chocolate Finance has finally relaunched to new sign-ups after many months. Read the article for more details and get early access to the app before a public launch later this year.
Also, UOB and HSBC have announced new savings promos, the details of which I will cover plus provide some analysis. Start subscribed for updates on these and more places you can consider investing/saving in.
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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