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Singapore savings bonds open for application
The much awaited Singapore Savings Bond will open for applications today at 6pm.
The Monetary Authority of Singapore said the first issuance is for S$1.2 billion. The interest rate starts from 0.96 per cent for the first year, and steps up gradually in line with the holding period. At the end of 10 years, the annualised return will be 2.63 per cent.
At end August, the 10-year Singapore Government Bond was yielding 2.76 per cent. SSB interest rates are calculated using the market-determined rates of SGS.
Applicants must have an individual Central Depository Securities account with direct crediting service activated. SSBs are not allocated on a first-come-first serve basis. Instead, allocations are made in a way that distributes the available bonds as evenly as possible to maximise the number of successful applicants. MAS will announce allotment results on Sept 28.