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 4 Dec 2018.
Singapore Savings Bonds Historical Interest Rates
The charts below show the historical interest rates offered by Singapore Savings Bonds. You can also download the full compiled interest rates data 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 (SSB) was first launched by MAS in Oct 2015. To date, there has been a total of 40 issues (current issue: SSB Jan 2019). It is a savings product with step-up interest rates (learn more about SSBs).
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 40 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 40 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
The chart below presents the Singapore yield curve as observed from SGS bond prices on 4 Dec 2018. The yields vary from 2.09% pa for 0.5 years to 2.75% pa for 27 years. This is the risk-free lending rate or borrowing cost that the Government of Singapore pays to borrow funds. 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: 4 Dec 2018).
|Bond ID||Benchmark||Coupon (%pa)||Years to Maturity (on 1 Nov)|
Implied Market Yield (%pa)
Singapore 10Y Benchmark Interest Rates
The charts below show the Singapore 10Y benchmark interest rates over a 10-year and 1-year period. They are updated monthly (Last update: 4 Dec 2018).
Pay attention to this key mid-term interest rate as it affects financial markets. It is a measure of 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.
Singapore 10Y Benchmark Interest Rates (10-years period)
Singapore 10Y Benchmark Interest Rates (1-year period)
Singapore Listed Retail Bond Yield
A snapshot of bond yields for all SGX-listed retail bonds are listed in the table below. The data is updated on a monthly basis (Last update: 4 Dec 2018 based on bond prices dated 4 Dec 2018).
Retail bonds 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 economy and the company business.
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.
|Name||Price (S$)||Implied Market Yield (% pa) *||Coupon (% pa)||Time to Maturity (Years)|
|Astrea IV 280614||1.068||3.50||4.35||9.53|
*Implied yield was calculated using prices with this excellent free yield-to-maturity calculator.