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 fixed income market. You should use them to make your personal financial decisions.
Here, you will find a one-page snapshot of current and historical key interest rates in Singapore. Scroll on for visual charts and infographics that will help you understand Singapore bonds interest rates in a glance. The data is constantly updated monthly so you should bookmark and return regularly to check Singapore bonds interest rates.
- Singapore Savings Bond (SSB) Interest Rates
- Singapore Government Bonds (SGS) Interest Rates
- Singapore 10Y Benchmark Interest Rates
- Corporate Bonds Interest Rates
Last update on 1 Mar 2019.
Singapore Savings Bond Interest Rates
Singapore Savings Bond (SSB) was launched by MAS in Oct 2015. It is a savings product with step-up interest rates (learn more about SSBs).
Current Singapore Savings Bond Interest Rate
The current issue of Singapore Savings Bond is SSB Mar 2019 GX19040X. It offers interest rates from 1.96% to 2.49%. Head to our Singapore Savings Bond SSB Apr 2019 article for coverage of this bond.
|Tenure||Interest Rate (%)||S$5,000 Investment||S$10,000 Investment||S$50,000 Investment|
You can read more about this bond issuance in the public circular issued by MAS for Singapore Savings Bond GX19040X. You can apply for SSB through online banking or ATMs of the major Singapore banks (DBS, OCBC, UOB).
Historical Singapore Savings Bond SSB Interest Rate
To date, there have been 43 SSB issues (current issue: SSB Apr 2019). In the chart below, you will see the cumulative interest for each of these issues. The data for Singapore Savings Bond interest rates can be downloaded through the links in the next section.
SSB GX15110T issued in Nov 2015 remains the best bond with the highest overall interest yield, whereas GX16090W issued in Sep 2016 is the poorest bond with lowest overall interest yield.
Download Singapore Savings Bond Interest Rate Data
While SSB interest rates can be found on the MAS SSB Interest website, I find it extremely difficult to retrieve consolidated data. Therefore, I hope you will find the 2 links below useful (RED – Singapore Savings Bonds Interest Rates, YELLOW – Singapore Savings Bonds Average Returns).
Do bookmark this page 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 interest rate yield curve as observed from SGS bond yields on 1 Mar 2019. The yields vary from 2.00% pa for 2.6 years to 2.69% 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 22 data points (Bond prices of 22 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 is updated every month.
|Bond ID||Benchmark||Coupon (%pa)||Years to Maturity||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: 1 Mar 2019).
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: 1 Mar 2019 based on bond prices dated 1 Mar 2019).
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||Yield (% pa)||Maturity (Years)|
|Astrea IV 280614||3.45||0.92|
Yield was calculated using prices with this excellent free yield-to-maturity calculator.