SSB issue
GX22120S
Issued 01 Dec 2022 · Matures 01 Dec 2032
Year 1 rate
3.26%
10-year average: 3.47%
Application window
01 Nov 2022 – 25 Nov 2022
Allotment: S$1.0B · Applied: S$1.7B 172% of allotment
SSB year-1 rate history
This issue in context
- Year-1 change: The 3.26% year-1 rate is 18 bp higher than the previous SSB issue (GX22110A, 3.08% year 1).
- Trailing 12 months: Across the previous 12 SSB issues, year-1 rates ranged from 0.41% to 3.08%. This year-1 rate sits at the top of that range.
- Step-up profile: The 10-year average (3.47%) is 21 bp above the year-1 coupon — a moderate step-up across the 10-year schedule.
- Demand: Applications of S$1.7B were 172% of the S$1.0B 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 | 3.26% | 3.26% |
| Year 2 | 3.26% | 3.26% |
| Year 3 | 3.28% | 3.27% |
| Year 4 | 3.58% | 3.34% |
| Year 5 | 3.58% | 3.39% |
| Year 6 | 3.58% | 3.42% |
| Year 7 | 3.58% | 3.44% |
| Year 8 | 3.58% | 3.45% |
| Year 9 | 3.58% | 3.46% |
| Year 10 | 3.58% | 3.47% |
Frequently asked questions
- When does the application window close for GX22120S?
- Applications for GX22120S close on 25 Nov 2022 at 9pm Singapore time. Allotment results are published a few business days later via MAS and your bank.
- When does GX22120S mature?
- GX22120S matures on 01 Dec 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 GX22120S's year-1 rate compare to recent SSB issues?
- GX22120S's year-1 rate of 3.26% is up 18 bp from the prior issue. Recent year-1 rates: 3.08% (GX22110A, Nov 2022), 2.60% (GX22100X, Oct 2022), 2.63% (GX22090Z, Sept 2022). Twelve-month trough was 0.41% (GX21120H).
- How does GX22120S's year-1 rate compare to the current 6-month T-bill?
- GX22120S pays 3.26% in year 1, 181 bp higher 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 GX22120S 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.