Glossary

Singapore fixed-income terms in plain English. Sourced from MAS, CPF, and IRAS where applicable.

Accrued interest: Interest that has been earned but not yet paid out. For SSB, accrued interest is added to your redemption proceeds if you redeem between coupon payment dates.
Auction date: The day MAS collects bids and determines the cutoff yield for a T-bill or SGS bond. Bids typically close at 12 noon on this date. [source]
Bid-to-cover ratio (B/C): Total amount bid in an auction divided by the amount issued. Above 2.0 generally indicates strong demand; below 1.5 indicates weaker demand.
CDP (Central Depository): The Singapore securities depository. If you buy T-bills or SGS bonds with cash, they are held in your CDP account.
Competitive bid: An auction bid that specifies the exact yield the bidder wants. If the cutoff yield is lower (bid too high), the bid is rejected. If higher, the bidder gets the cutoff yield regardless of their bid. [source]
Coupon: The periodic interest payment made by a bond. SSBs pay coupons every 6 months; the coupon rate for each year is pre-set at issuance (step-up schedule).
CPFIS-OA: CPF Investment Scheme - Ordinary Account. Lets you invest CPF OA funds in approved instruments, including T-bills and SGS bonds. Not eligible for SSB. [source]
CPFIS-SA: CPF Investment Scheme - Special Account. Restricted to approved bonds and similar products; T-bills are NOT eligible under CPFIS-SA. [source]
Cutoff yield: The highest yield accepted at a uniform-price auction. Every successful bidder (competitive and non-competitive) receives this yield regardless of what they bid. [source]
Cutoff amount (SSB): In an oversubscribed SSB issue, the cutoff amount is the allocation ceiling below which every applicant gets their full request. Above the cutoff, applicants receive the cutoff amount plus a random chance at the remainder.
Dutch auction: Another name for uniform-price auction. MAS uses this format for SGS and T-bill auctions — everyone pays the clearing (cutoff) yield.
Face value: The par value of a bond, i.e. the amount repaid at maturity. S$1,000 denomination for T-bills; S$500 denomination for SSBs.
Fixed deposit (FD): A bank deposit locked in for a fixed term at a fixed rate. Different from T-bills (tradable, government-backed) and SSBs (flexible redemption).
Issue date: The date a bond or bill is issued and begins accruing interest. For SSB, typically the first business day of a month. For T-bills, typically the first business day after the auction.
Maturity: The date a bond or bill's principal is repaid. T-bills: 6 months (182 days) or 1 year (364 days) from issue. SSB: up to 10 years, though you can redeem earlier at face value.
Median yield: The middle bid yield at an auction. If the median is much lower than the cutoff, a few aggressive bids pulled the clearing yield up. If close to the cutoff, the bid pool was tight.
Non-competitive bid: An auction bid that accepts the cutoff yield without specifying a target. For T-bills, non-competitive allocation is capped at 40% of issue size and S$1M per individual per auction. [source]
Principal: The original amount invested. For T-bills, you pay less than principal (discount) and receive principal at maturity. For SSBs, you pay principal and receive principal back plus interest.
QDS (Qualifying Debt Securities): The IRAS scheme under which interest on SGS, T-bills, and SSBs is tax-exempt for Singapore-resident individuals. Exception: interest from a partnership or trade/business is not exempt. [source]
Random allotment: The SSB method for handling oversubscribed issues — allocations beyond the cutoff amount are determined by lottery.
SGS (Singapore Government Securities): The umbrella term for Singapore government debt instruments: T-bills (short-term) and SGS bonds (long-term).
SGS bond: A longer-dated Singapore government bond (2, 5, 10, 15, 20, 30 years). Distinct from T-bills (6-month and 1-year). Pays a fixed coupon, tradable in secondary market. [source]
SRS (Supplementary Retirement Scheme): A voluntary tax-advantaged retirement savings scheme. SRS funds can be used to purchase SSBs and T-bills, among other approved instruments. [source]
SSB (Singapore Savings Bond): A retail-only Singapore government bond with a step-up coupon schedule over 10 years. Redeemable any month at face value. Cap: S$200,000 per person across all SSB holdings. Purchasable with cash or SRS (not CPF). [source]
Step-up coupon: SSB's signature feature: the coupon rate increases each year. Year 1 is lowest; year 10 is highest. Each year's rate is pre-set at issuance.
T-bill (Treasury bill): A short-term Singapore government debt instrument. Two tenors currently: 6-month (182 days) and 1-year (364 days). Zero-coupon — issued at a discount, redeemed at face value. [source]
Tenor: The length of time until a bond or bill matures. Common SGS tenors: 6 months, 1 year, 2 years, 5 years, 10 years, 15 years, 20 years, 30 years.
Uniform-price auction: See Dutch auction. The format MAS uses for SGS/T-bill auctions.
Yield: The annualized return on a bond or bill. For T-bills (zero-coupon), yield is the discount-to-par expressed as an annual rate. For SSB (coupon-bearing), yield for a single year equals that year's coupon rate.
Year-1 rate (SSB): The first-year coupon rate on an SSB. If you redeem after holding for 12 months, this is approximately the annual return you receive.

Spotted an error or missing term? Let us know. All definitions are informational, not advice.