It is always important to keep abreast of Singapore Bonds Interest Rates when managing your S$ finances. Key interest rates, tracked by Singapore Government Bonds (SGS), Singapore Savings Bonds (SSB) and Singapore-listed Corporate Bonds, give an overall health of the Singapore economy and should heavily influence your personal financial decisions.
Here, you will find a one-page snapshot of current and historical key interest rates in Singapore. The interest rates are displayed in 2 forms: charts (for quick viewing and trend spotting), and raw data (for more in-depth analysis). Read on to find out more about them.
Last update on 1 Nov 2018.
Singapore Savings Bonds Historical Interest Rates
Singapore Savings Bonds (SSB) was first launched by MAS in Oct 2015. To date, there has been a total of 39 issues (current issue: SSB Dec 2018). It is a savings product with step-up interest rates (learn more about SSBs).
The interest rates offered by each issue are compiled and presented in the charts below. You can also download PDF copies containing the full compiled interest rates data set via the links below – something that you will not be able to find online and through Monetary Authority of Singapore’s Singapore Savings Bonds site.
Singapore Savings Bonds Interest Rates (Full Chart)
This chart illustrates the Year 1, Year 5 and Year 10 Singapore Savings Bonds (SSB) Interest Rates across all 39 SSB issues.
Tip: As the chart is interactive, mouse over to view the interest rate for any particular data point.
Singapore Savings Bonds Interest Rates (1-Year period)
This chart illustrates the Year 1, Year 5 and Year 10 Singapore Savings Bonds (SSB) Interest Rates across the last 12 SSB issues.
Singapore Savings Bonds Average Returns (Full Chart)
This chart illustrates the Year 1, Year 5 and Year 10 Singapore Savings Bonds (SSB) Average Returns across all the 39 SSB issues. This data can be used as a proxy for Singapore interest rates.
Singapore Savings Bonds Average Returns (1-Year period)
This chart illustrates the Year 1, Year 5 and Year 10 Singapore Savings Bonds (SSB) Average Returns across the last 12 SSB issues.
Historical Data Set of Singapore Savings Bonds Interest Rates
Now that you have seen the interest rate trend for Singapore Savings Bonds, it is time to interact with the data behind it. Each link below provides you with a PDF copy of the Singapore Savings Bonds Interest Rates (RED) or Singapore Savings Bonds Average Returns (YELLOW).
Remember, this page is updated monthly so bookmark and check back at the start of each month for updated data.
The figure below is what you will see when you open the PDF. You can copy the data, in a table form, and paste them into Excel or other data software and continue your analysis.
Singapore Government Bonds (SGS) Interest Rates
There are plenty of Singapore Government Bonds, also known as SGS bonds, that are traded on SGX. Using the market yield for each of them, a simple (non bootstrapped) interest rate yield curve can be obtained. This is done at our website monthly so you will be able to see snapshot of the yield curve monthly. From the graph, you will be able to see the cost of borrowing by the Government of Singapore, or in other words the risk-free rate across loans of different maturities at a particular point in the month.
The graph below presents the SG yield curve on 1 Nov 2018. The continuous curve was obtained from simple curve smoothing with 21 data points (Bond prices of 21 SGS bonds were used) instead of bootstrapping.
For those who are interested in the data behind the chart, they are presented in the table below. The data is sorted by time to maturity of each SGS bond. Similar to the chart, this table updates every month (Last update: 1 Nov 2018).
|Bond ID||Benchmark||Coupon (%pa)||Years to Maturity (on 1 Nov)|
Implied Market Yield (%pa)
Singapore 10Y Benchmark Interest Rates
The Singapore 10Y Benchmark Interest Rate tells you about the cost of borrowing incurred by the Government of Singapore for a 10-year loan. This is the rate you will be compensated for lending money to a low-risk (theoretically risk-less) entity, the Government of Singapore. It is obtained from the market yield for a SGS bond with 10-years maturity.
You should pay attention to this key mid-term interest rate – if it is rising, the economy is doing well but inflation is rising. The 10Y rate reported here is updated on a monthly basis (Last update: 1 Nov 2018).
Singapore 10Y Benchmark Interest Rates (10-years period)
Singapore 10Y Benchmark Interest Rates (1-year period)
Singapore Listed Corporate Bond Yield
Corporate bonds also provide important information on real interest rates. Unlike SSB and SGS bonds above, companies have default risk so these bonds provide another dimension of information about the health of the industry.
There are a total of 9 bonds traded on SGX with daily market prices. The latest bond is Temasek Bond T2023-S$. It was listed on SGX on 26 Oct 2018. It is a bond paying fixed coupons of 2.7% per annum over 5 years. This bond was oversubscribed by 8 times. You can read my review of the Temasek bond T2023-S$ here.
The 2nd latest bond is Astrea IV private equity bond. It was listed on 18 Jun 2018. It is also a fixed-coupon bond with 4.35% per annum yield over 10 years. The bond is made up of a pool of loan assets that pay interest regularly. These interest payments are collected and provide the coupon of the bond. If any loan asset is impaired (private equity company defaults), its impact is small in a pool of assets. Learn more about this new bond product at Astrea IV private equity bond website.
You will see bond yields, prices and other information for these listed corporate bonds in the table below. The bonds are sorted by time to maturity.
This table is updated on a monthly basis (Last update: 1 Nov 2018 based on bond prices dated 1 Nov 2018).
|Name||Price (S$)||Implied Market Yield (% pa) *||Coupon (% pa)||Time to Maturity (Years)|
|Astrea IV 280614||1.057||3.64||4.35||9.62|
*Implied yield was calculated using prices with this excellent free yield-to-maturity calculator.