SSB issue
GX22010S
Issued 03 Jan 2022 · Matures 01 Jan 2032
Year 1 rate
0.45%
10-year average: 1.78%
Application window
01 Dec 2021 – 28 Dec 2021
Allotment: S$76M · Applied: S$78M 102% of allotment
SSB year-1 rate history
This issue in context
- Year-1 change: The 0.45% year-1 rate is 4 bp higher than the previous SSB issue (GX21120H, 0.41% year 1).
- Trailing 12 months: Across the previous 12 SSB issues, year-1 rates ranged from 0.27% to 0.41%. This year-1 rate sits at the top of that range.
- Step-up profile: The 10-year average (1.78%) is 133 bp above the year-1 coupon — a steep step-up, with later-year coupons substantially exceeding year 1.
- Demand: Applications of S$78M were 102% of the S$76M 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 | 0.45% | 0.45% |
| Year 2 | 1.27% | 0.86% |
| Year 3 | 1.60% | 1.10% |
| Year 4 | 1.80% | 1.27% |
| Year 5 | 1.96% | 1.41% |
| Year 6 | 2.09% | 1.52% |
| Year 7 | 2.10% | 1.59% |
| Year 8 | 2.12% | 1.66% |
| Year 9 | 2.21% | 1.71% |
| Year 10 | 2.44% | 1.78% |
Frequently asked questions
- When does the application window close for GX22010S?
- Applications for GX22010S close on 28 Dec 2021 at 9pm Singapore time. Allotment results are published a few business days later via MAS and your bank.
- When does GX22010S mature?
- GX22010S matures on 01 Jan 2032 — 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 GX22010S's year-1 rate compare to recent SSB issues?
- GX22010S's year-1 rate of 0.45% is up 4 bp from the prior issue. Recent year-1 rates: 0.41% (GX21120H, Dec 2021), 0.34% (GX21110E, Nov 2021), 0.35% (GX21100W, Oct 2021). Twelve-month trough was 0.27% (GX21010H).
- How does GX22010S's year-1 rate compare to the current 6-month T-bill?
- GX22010S pays 0.45% in year 1, 100 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 GX22010S 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.