SSB issue
GX23040S
Issued 03 Apr 2023 · Matures 01 Apr 2033
Year 1 rate
3.01%
10-year average: 3.15%
Application window
01 Mar 2023 – 28 Mar 2023
Allotment: S$700M · Applied: S$758M 108% of allotment
SSB year-1 rate history
This issue in context
- Year-1 change: The 3.01% year-1 rate is 25 bp higher than the previous SSB issue (GX23030A, 2.76% year 1).
- Trailing 12 months: Across the previous 11 SSB issues, year-1 rates ranged from 0.86% to 3.26%. This year-1 rate sits above the median.
- Step-up profile: The 10-year average (3.15%) is 14 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$758M were 108% of the S$700M 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 | 3.01% | 3.01% |
| Year 2 | 3.01% | 3.01% |
| Year 3 | 3.01% | 3.01% |
| Year 4 | 3.01% | 3.01% |
| Year 5 | 3.01% | 3.01% |
| Year 6 | 3.01% | 3.01% |
| Year 7 | 3.18% | 3.03% |
| Year 8 | 3.38% | 3.07% |
| Year 9 | 3.52% | 3.12% |
| Year 10 | 3.53% | 3.15% |
Frequently asked questions
- When did the application window close for GX23040S?
- Applications for GX23040S closed on 28 Mar 2023. Allotment results are published a few business days after close via MAS and participating banks.
- When does GX23040S mature?
- GX23040S matures on 01 Apr 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 GX23040S's year-1 rate compare to recent SSB issues?
- GX23040S's year-1 rate of 3.01% is up 25 bp from the prior issue. Recent year-1 rates: 2.76% (GX23030A, Mar 2023), 2.84% (GX23020X, Feb 2023), 2.95% (GX23010Z, Jan 2023). Twelve-month trough was 0.86% (GX22050N).
- How does GX23040S's year-1 rate compare to the current 6-month T-bill?
- GX23040S pays 3.01% in year 1, 153 bp higher 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 GX23040S 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
- ← GX23030A — 2.76% year 1
- GX23050W → — 3.03% year 1
- Latest issue: GX26070F — 1.46% year 1
- All SSB issues →
Compare & cross-check