SSB issue
GX23020X
Issued 01 Feb 2023 · Matures 01 Feb 2033
Year 1 rate
2.84%
10-year average: 2.97%
Application window
03 Jan 2023 – 26 Jan 2023
Allotment: S$472M · Applied: S$477M 101% of allotment
SSB year-1 rate history
This issue in context
- Year-1 change: The 2.84% year-1 rate is 11 bp lower than the previous SSB issue (GX23010Z, 2.95% year 1).
- Trailing 12 months: Across the previous 12 SSB issues, year-1 rates ranged from 0.52% to 3.26%. This year-1 rate sits above the median.
- Step-up profile: The 10-year average (2.97%) is 13 bp above the year-1 coupon — a relatively flat schedule, with limited differential between year-1 and the 10-year average.
- Demand: Applications of S$477M were 101% of the S$472M 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 | 2.84% | 2.84% |
| Year 2 | 2.84% | 2.84% |
| Year 3 | 2.84% | 2.84% |
| Year 4 | 2.84% | 2.84% |
| Year 5 | 2.84% | 2.84% |
| Year 6 | 2.84% | 2.84% |
| Year 7 | 2.98% | 2.86% |
| Year 8 | 3.20% | 2.90% |
| Year 9 | 3.33% | 2.94% |
| Year 10 | 3.33% | 2.97% |
Frequently asked questions
- When does the application window close for GX23020X?
- Applications for GX23020X close on 26 Jan 2023 at 9pm Singapore time. Allotment results are published a few business days later via MAS and your bank.
- When does GX23020X mature?
- GX23020X matures on 01 Feb 2033 — 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 GX23020X's year-1 rate compare to recent SSB issues?
- GX23020X's year-1 rate of 2.84% is down 11 bp from the prior issue. Recent year-1 rates: 2.95% (GX23010Z, Jan 2023), 3.26% (GX22120S, Dec 2022), 3.08% (GX22110A, Nov 2022). Twelve-month trough was 0.52% (GX22020W).
- How does GX23020X's year-1 rate compare to the current 6-month T-bill?
- GX23020X pays 2.84% in year 1, 139 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 GX23020X 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.