October 2023’s Government Bonds: 2nd Highest-Ever 3.32% P.A. November 2023 SSB, 6 and 12-Month T-Bills

Available for subscription in the month of October 2023 is November 2023’s Singapore Savings Bond (SSB). This SSB is offering yearly rates of 3.21% to 3.63%. On average, the annualised return over 10 years is 3.32% p.a. This is yet another increase from last month’s bond which itself was an improvement of the SSB before it and by my estimates – the second highest SSB of all time.

Also available this month are two 6-month t-bills and the final 1-year t-bill of 2023.

November 2023 SSB

Year from issue date12345678910
Interest %3.213.213.213.213.213.213.523.633.633.48
Average return per year %*3.213.213.213.213.213.213.223.253.293.32
SBNOV23 GX23110V Bond Details

Last month’s SSB had a tranche of S$800 million of which S$676.8 million was allotted, which means that there was no ceiling amount. Applicants got as much as they applied for subject to an overall limit of S$200,000 per individual across all SSBs.

Possibly in anticipation of the demand, November 2023’s SSB is offering a round S$1 billion tranche. Time will tell whether this would be sufficient to address demand for what is the second highest SSB after December 2022’s all-time high 3.47% p.a. average returns.

You can apply latest before 26th October 2023 9PM. There is no priority in applying early so would you want to subscribe only nearer to this end date so your funds can sit in your bank account collecting interest.

Past SSBs

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 %

T-bills: two 6-month and one 1-year

As usual, there are two 6- month t-bills up for subscription this month. There is also one last 1-year t-bill for the year of 2023.

Issue CodeTypeAnnouncement DateAuction DateTenure
BS23120AT-bill05 Oct 202312 Oct 20236-month
BS23121ET-bill19 Oct 202326 Oct 20236-month
BY23103VSGS Bond12 Oct 202319 Oct 20231-year

Will you be placing funds in government bonds this month?

With short-term rates at 3.21%, SSBs are getting really attractive once again. The gap in rates between SSBs and things like StanChart e$aver is narrowing, but SSB has the unique proposition of guaranteeing rates for up to 10 years.

I made a video last month about different lower-risk instruments one can place idle savings in. It still highlights some options that are worth looking at, although I may need to make another video on what I’m doing with my spare cash. Subscribe to stay updated on that.

Savings promos to look at

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