SSB issue
GX24110N
Issued 01 Nov 2024 · Matures 01 Nov 2034
Year 1 rate
2.25%
10-year average: 2.56%
Application window
01 Oct 2024 – 25 Oct 2024
Allotment: S$92M · Applied: S$100M 108% of allotment
SSB year-1 rate history
This issue in context
- Year-1 change: The 2.25% year-1 rate is 34 bp lower than the previous SSB issue (GX24100H, 2.59% year 1).
- Trailing 12 months: Across the previous 12 SSB issues, year-1 rates ranged from 2.59% to 3.30%. This year-1 rate sits at the bottom of that range.
- Step-up profile: The 10-year average (2.56%) is 31 bp above the year-1 coupon — a moderate step-up across the 10-year schedule.
- Demand: Applications of S$100M were 108% of the S$92M 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 | 2.25% | 2.25% |
| Year 2 | 2.25% | 2.25% |
| Year 3 | 2.25% | 2.25% |
| Year 4 | 2.58% | 2.33% |
| Year 5 | 2.67% | 2.39% |
| Year 6 | 2.67% | 2.44% |
| Year 7 | 2.67% | 2.47% |
| Year 8 | 2.74% | 2.50% |
| Year 9 | 2.82% | 2.53% |
| Year 10 | 2.87% | 2.56% |
Frequently asked questions
- When does the application window close for GX24110N?
- Applications for GX24110N close on 25 Oct 2024 at 9pm Singapore time. Allotment results are published a few business days later via MAS and your bank.
- When does GX24110N mature?
- GX24110N matures on 01 Nov 2034 — 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 GX24110N's year-1 rate compare to recent SSB issues?
- GX24110N's year-1 rate of 2.25% is down 34 bp from the prior issue. Recent year-1 rates: 2.59% (GX24100H, Oct 2024), 3.06% (GX24090E, Sept 2024), 3.19% (GX24080W, Aug 2024). Twelve-month trough was 2.59% (GX24100H).
- How does GX24110N's year-1 rate compare to the current 6-month T-bill?
- GX24110N pays 2.25% in year 1, 80 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 GX24110N 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.