SSB issue
GX20110F
Issued 02 Nov 2020 · Matures 01 Nov 2030
Year 1 rate
0.23%
10-year average: 0.91%
Application window
01 Oct 2020 – 27 Oct 2020
Allotment: S$12M · Applied: S$12M 106% of allotment
SSB year-1 rate history
This issue in context
- Year-1 change: The 0.23% year-1 rate is 3 bp lower than the previous SSB issue (GX20100N, 0.26% year 1).
- Trailing 12 months: Across the previous 11 SSB issues, year-1 rates ranged from 0.24% to 1.56%. This year-1 rate sits at the bottom of that range.
- Step-up profile: The 10-year average (0.91%) is 68 bp above the year-1 coupon — a steep step-up, with later-year coupons substantially exceeding year 1.
- Demand: Applications of S$12M were 106% of the S$12M allotment — oversubscribed, so MAS allotted by random ballot above the cutoff amount.
Descriptive observations from MAS issuance history — not forecasts or recommendations.
Coupon & return schedule
The coupon is the interest paid each year. The cumulative return is the effective average rate if you hold the bond for that many years and redeem.
| Year held | Coupon | Cumulative return |
|---|---|---|
| Year 1 | 0.23% | 0.23% |
| Year 2 | 0.23% | 0.23% |
| Year 3 | 0.36% | 0.27% |
| Year 4 | 0.62% | 0.36% |
| Year 5 | 0.83% | 0.45% |
| Year 6 | 0.97% | 0.54% |
| Year 7 | 1.18% | 0.63% |
| Year 8 | 1.40% | 0.72% |
| Year 9 | 1.60% | 0.81% |
| Year 10 | 1.79% | 0.91% |
Frequently asked questions
- When does the application window close for GX20110F?
- Applications for GX20110F close on 27 Oct 2020 at 9pm Singapore time. Allotment results are published a few business days later via MAS and your bank.
- When does GX20110F mature?
- GX20110F matures on 01 Nov 2030 — a 10-year tenor from issue date. SSBs can also be redeemed in any month before maturity at face value plus accrued interest.
- How does GX20110F's year-1 rate compare to recent SSB issues?
- GX20110F's year-1 rate of 0.23% is down 3 bp from the prior issue. Recent year-1 rates: 0.26% (GX20100N, Oct 2020), 0.24% (GX20090H, Sept 2020), 0.27% (GX20080E, Aug 2020). Twelve-month trough was 0.24% (GX20090H).
- How does GX20110F's year-1 rate compare to the current 6-month T-bill?
- GX20110F pays 0.23% in year 1, 122 bp lower than the latest 6-month T-bill cutoff of 1.45% (BS26110S, auctioned 21 May 2026). T-bills lock funds for 6 months; SSB is redeemable any month at face value, with a 10-year step-up coupon schedule.
- Can I redeem GX20110F before maturity?
- Yes. SSBs can be redeemed in any month at face value plus accrued interest, with no penalty. Redemption requests open on the 1st of each month and close at 9pm on the 4th business day before month-end. Funds are credited on the 2nd business day of the following month.
- How is the SSB year-1 rate calculated?
- MAS computes each issue's coupon schedule from the average SGS yields in the reference month preceding the announcement (year-1 from the 1-year average, year-10 from the 10-year average, intermediate years interpolated). The full method is documented at /learn/how-ssb-works/.
Learn more
- How SSB works — step-up coupons, monthly issuance, the S$200K cap.
- Holding to maturity vs early redemption — what changes, what doesn't, and the S$2 redemption fee.
- SSB vs T-bill — a decision framework when both look attractive.
- CPF OA vs SSB — which wins for retirement savings, with the real opportunity-cost math.