September 2023’s Government Bonds: 3.05% to 3.48% October 2023 SSB, T-Bills and 30-Year SGS Bond

October 2023’s Singapore Savings Bond (SSB) is offering returns between 3.05% to 3.48% interest depending on how long you hold the bond for. The average ten-year annualised return is 3.16% p.a. This is yet another increase from last month’s bond which itself was an improvement of the SSB before it.

Also available this month are two 6-month t-bills and one 30-year SGS bond.

October 2023 SSB

Year from issue date12345678910
Interest %3.053.053.053.053.053.053.103.363.483.48
Average return per year %*3.053.053.053.053.053.053.063.093.133.16
SBOCT23 GX23100T Bond Details

Last month’s SSB had a tranche of S$600 million of which S$514.7 million was allotted, which means that there was no ceiling amount. October 2023’s SSB is offering a larger S$800 million tranche. Given last month’s demand, it is likely there would also be no ceiling amount, or a relatively high one if the SSB is indeed oversubscribed.

I might deploy some cash into SSB given that the rates are starting to close in on some places I’m putting spare cash in. SSB offers its higher than 3% rate for 10 years, something that other instruments cannot.

Apply before 26th September 2023 9PM, and since there is no advantage in applying early, you want to subscribe only nearer to this end date so your funds can sit in your bank to collect 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 %

Two 6-month T-Bills and one 30-year SGS bond

Aside from the usual 6-month t-bills, there is also a 30-year SGS bond if you want something really long-lasting.

The cut-off yield for the latest 6-month t-bill was 3.7% p.a, so we can expect roughly the same rates for this month’s t-bills. They remain a good place to park excess CPF OA savings, and something I will continue to do this month.

Issue CodeTypeAnnouncement DateAuction DateTenure
BS23118ST-bill07 Sep 202314 Sep 20236-month
BS23119HT-bill21 Sep 202328 Sep 20236-month
N520100ASGS Bond20 Sep 202327 Sep 202330-year

A 30-year SGS bond makes it appearance and it’s a once-a-year affair for bonds of such a tenure. The 30-year bond last year had a cut-off yield of 3.28% p.a. and it’s quite an interesting thought experiment to have – plop S$1 million here and get a yearly S$30,000+ income for the next 30 years? Intriguing, but don’t take this as personal financial advice or a recommendation. Maybe I’ll deep-dive into this topic a bit more, so stay subscribed if you want updates.

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