Singapore Savings Bond February 2023: Trend of Oversubscription Ends

Ending a streak of oversubscribed Singapore Savings Bonds (SSB), February 2023’s SSB (GX23020X) sees only S$477.1 million applied out of the S$700 million offered. This trend was barely hanging on last month with an oversubscription of just 1% above the amount offered.

No ceiling amount – first time since May 2022

For the first time in months, there is no ceiling amount. Aside from a total cap of S$200,000 cap across all Singapore Savings Bonds per individual, applicants would be allotted whatever amount they applied for.


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Rates have not been attractive in recent months

Given how t-bills have been offering around 4% p.a. and fixed deposits as high as 4.28% p.a. (or even a mythical 4.4% which is now gone), the relative unpopularity of this month’s SSB is to be expected.

Looking at current SGS yields, it looks like next month’s bond is not going to do any better. In any case, interest rates have been declining slightly of late, and SSBs would not be the only instrument going down in rates. T-bills and fixed deposit rates are expected to dip next month as well.

Nevertheless, SSBs maintain their rates for a 10-year period while offering almost full liquidity. This is not found in other instruments, and those who have funds they want to set aside in low-risk instruments for longer periods of time would still find SSBs useful.

On the bright side, one of its downsides of low allotment amount is no longer true currently. You can put as much as S$200,000 into a single SSB if you wish as long as your total amount across all SSBs does not cross a maximum of S$200,000.

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