June 2024’s Government Bonds: July 2024 SSB, 6-Month T-Bills, 5-Year SGS Bond

It’s June and we have 4 different government bonds to look at this month. As usual, two 6-month t-bills are present, and a 5-year Singapore Government Securities (SGS) bond is also available for subscription. The monthly Singapore Savings Bond (SSB) is also here with roughly the same rates as last month’s.

July 2024 SSB – rates dip slightly to 3.26% to 3.30% p.a. returns

Year from issue date12345678910
Interest %3.263.263.263.263.263.263.293.383.423.42
Average return per year %3.263.263.263.263.263.263.263.283.293.30
SBJUL24 GX24070S Bond Details

July 2024’s SSB remains relatively flat with rates almost the same as June 2024’s. At 3.26% p.a. average returns for tenures up to 7 years and 3.30% p.a. for the entire 10-year duration, the rates are a hair lower that last month’s bond.

Last month’s SSB was quite popular – S$1.6 billion out of the S$1 billion tranche was applied for, leading to an oversubscription. The ceiling amount was S$24,500 and it is likely that this month’s SSB will be oversubscribed too. Given the slightly larger tranche of S$1.1 billion and the slightly lower rates, oversubscription should be less severe. I’m guesstimating that the ceiling amount could be somewhere around S$30,000.

The last day to apply for this is 25th June 2024 (9PM). Applying on 25th June itself is ideal so that your funds can sit in your bank account to earn interest.

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Seth

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6-month t-bills and 5-year SGS bond

Announcement DateAuction DateIssue DateMaturity DateTenorIssue CodeType
30 May 202406 Jun 202411 Jun 202410 Dec 20246-monthBS24111XT-bill
12 Jun 202420 Jun 202425 Jun 202424 Dec 20246-monthBS24112WT-bill
20 Jun 202426 Jun 202401 Jul 202401 Aug 20285-yearN523100WSGS Bond

Of the two 6-month t-bills this month, one has already closed at 3.76% p.a. The next one is up for auction later this month and should have very similar yields.

The last 5-year SGS bond was issued a few months ago and closed at 3.06% p.a. cut-off yield. It’s likely that rates for this month’s SGS bond to hover around that rate. This month’s SSB would certainly be a more attractive option given higher rates and nearly full liquidity, though oversubscription is likely and there is an overall S$200,000 limit across all SSBs that an individual can hold in their name.

Ongoing promos could be worth considering

While SSB’s rates remain attractive particularly for its 10-year tenure, ongoing promos from banks and trading accounts can provide significantly better rates in the short term.

moomoo, for instance, is offering 6.8% p.a. guaranteed returns for the first S$80,000 of funds so it is something worth considering. There are also hundreds of dollars worth of free shares to be received if you meet the requirements, so it is a very generous deal.

StanChart’s Bonus$aver promo is also attractive this month with as much as S$668 in promos. At the same time, check out fresh funds promos from StanChart and HSBC.

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