GX26100Z

SSB year-1 rate history

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This issue in context

• Year-1 change: The 1.65% year-1 rate is 13 bp higher than the previous SSB issue (GX26090V, 1.52% year 1).
• Trailing 12 months: Across the previous 12 SSB issues, year-1 rates ranged from 1.33% to 1.56%. This year-1 rate sits above that range.
• Step-up profile: The 10-year average (2.32%) is 67 bp above the year-1 coupon — a steep step-up, with later-year coupons substantially exceeding year 1.
• Demand: Applications of S$243M were 108% of the S$224M 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.

Frequently asked questions

When did the application window close for GX26100Z?

Applications for GX26100Z closed on 25 Sep 2026. Allotment results are published a few business days after close via MAS and participating banks.

When does GX26100Z mature?

GX26100Z matures on 01 Oct 2036 — 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 GX26100Z's year-1 rate compare to recent SSB issues?

GX26100Z's year-1 rate of 1.65% is up 13 bp from the prior issue. Recent year-1 rates: 1.52% (GX26090V, Sep 2026), 1.46% (GX26080T, Aug 2026), 1.46% (GX26070F, Jul 2026). Twelve-month trough was 1.33% (GX26010A).

How does GX26100Z's year-1 rate compare to the current 6-month T-bill?

GX26100Z pays 1.65% in year 1, 27 bp lower than the latest 6-month T-bill cutoff of 1.92% (BS26119F, auctioned 24 Sep 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 GX26100Z before maturity?

Yes. SSBs can be redeemed in any month before maturity at face value plus accrued interest, with no minimum holding period and no penalty. The redemption window opens at 6pm on the 1st business day of the month and closes at 9pm on the 4th-last business day. Funds are credited by the end of 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/.