SSB issue
GX21020N
Issued 01 Feb 2021 · Matures 01 Feb 2031
Year 1 rate
0.32%
10-year average: 0.89%
Application window
04 Jan 2021 – 26 Jan 2021
Allotment: S$18M · Applied: S$19M 102% of allotment
SSB year-1 rate history
This issue in context
- Year-1 change: The 0.32% year-1 rate is 5 bp higher than the previous SSB issue (GX21010H, 0.27% year 1).
- Trailing 12 months: Across the previous 12 SSB issues, year-1 rates ranged from 0.23% to 1.54%. This year-1 rate sits above the median.
- Step-up profile: The 10-year average (0.89%) is 57 bp above the year-1 coupon — a steep step-up, with later-year coupons substantially exceeding year 1.
- Demand: Applications of S$19M were 102% of the S$18M 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 | 0.32% | 0.32% |
| Year 2 | 0.32% | 0.32% |
| Year 3 | 0.44% | 0.36% |
| Year 4 | 0.65% | 0.43% |
| Year 5 | 0.82% | 0.51% |
| Year 6 | 0.95% | 0.58% |
| Year 7 | 1.13% | 0.66% |
| Year 8 | 1.30% | 0.74% |
| Year 9 | 1.48% | 0.81% |
| Year 10 | 1.63% | 0.89% |
Frequently asked questions
- When did the application window close for GX21020N?
- Applications for GX21020N closed on 26 Jan 2021. Allotment results are published a few business days after close via MAS and participating banks.
- When does GX21020N mature?
- GX21020N matures on 01 Feb 2031 — 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 GX21020N's year-1 rate compare to recent SSB issues?
- GX21020N's year-1 rate of 0.32% is up 5 bp from the prior issue. Recent year-1 rates: 0.27% (GX21010H, Jan 2021), 0.24% (GX20120T, Dec 2020), 0.23% (GX20110F, Nov 2020). Twelve-month trough was 0.23% (GX20110F).
- How does GX21020N's year-1 rate compare to the current 6-month T-bill?
- GX21020N pays 0.32% in year 1, 116 bp lower than the latest 6-month T-bill cutoff of 1.48% (BS26111H, auctioned 04 Jun 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 GX21020N 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/.
Explore more
Other SSB issues
- ← GX21010H — 0.27% year 1
- GX21030F → — 0.28% year 1
- Latest issue: GX26070F — 1.46% year 1
- All SSB issues →
Compare & cross-check