Singapore Savings Bonds

[DevilPlate]

At this rate we might see 3.4x% again.

 

[petromax]

At this rate we might see 3.4x% again.

if it does, I will put all in hahaha

 

[reddevil0728]

if it does, I will put all in hahaha

and maybe get like 9-10k? unless you all in is that. lol

 

[~sabaisabai~]

that's why people think should skip current round and apply for next should not be so myopic about whether the net outcome is better. given the potential over sub

as usual, likely will be oversubscribed

 

[hwckhs]

Projection by https://www.ilovessb.com/projection/SBOCT23 , as of 22/8/2023:

SBOCT23

Year from issue date	1	2	3	4	5	6	7	8	9	10
Interest %	3.04	3.04	3.05	3.05	3.05	3.05	3.08	3.15	3.30	3.54
Average return per year %	3.04	3.04	3.04	3.04	3.05	3.05	3.05	3.06	3.09	3.12

 

[blueskull]

anyone putting in this sept ssb

 

[reddevil0728]

anyone putting in this sept ssb

you should consider if you have a lot of $ you want to put in, instead of waiting for oct 1. in case over sub. then you might end up not getting much at all

 

[lzydata]

Singapore Savings Bonds (SSB)

• As the opening period for applications is currently underway, the issue date for Singapore Savings Bonds SBSEP23 (GX23090F) and the redemption of SSBs in August remains unchanged, on 1 September 2023. However, as the issue and redemption date fall on a public holiday, where MAS' electronic payment system is not in operation, the transactions will be effected on the next business day on 4 September 2023.
• The announcement date for Singapore Savings Bonds SBOCT23 (GX23100T) and the opening date of the redemption of SSBs in September have been updated to 4 September 2023.
• For SSBs which have a coupon payment date on 1 September 2023, please note that as the date falls on a public holiday, where MAS' electronic payment system is not in operation, the coupon payments will be effected on the next business day on 4 September 2023.

https://www.mas.gov.sg/bonds-and-bills/singapore-savings-bonds
Some technical issues to do with 1 September becoming a PH - for those who watch the dates very closely for interest payments and such.

 

[hwckhs]

• The announcement date for Singapore Savings Bonds SBOCT23 (GX23100T) and the opening date of the redemption of SSBs in September have been updated to 4 September 2023.

You reminded me to update the system. Thank you.

 

[havetheveryfun]

Singapore Savings Bonds (SSB)

• As the opening period for applications is currently underway, the issue date for Singapore Savings Bonds SBSEP23 (GX23090F) and the redemption of SSBs in August remains unchanged, on 1 September 2023. However, as the issue and redemption date fall on a public holiday, where MAS' electronic payment system is not in operation, the transactions will be effected on the next business day on 4 September 2023.
• The announcement date for Singapore Savings Bonds SBOCT23 (GX23100T) and the opening date of the redemption of SSBs in September have been updated to 4 September 2023.
• For SSBs which have a coupon payment date on 1 September 2023, please note that as the date falls on a public holiday, where MAS' electronic payment system is not in operation, the coupon payments will be effected on the next business day on 4 September 2023.

https://www.mas.gov.sg/bonds-and-bills/singapore-savings-bonds
Some technical issues to do with 1 September becoming a PH - for those who watch the dates very closely for interest payments and such.

need feedback to MP next time dont hold elections on 1st of the month lol

 

[reddevil0728]

need feedback to MP next time dont hold elections on 1st of the month lol

feedback to PM direct

 

[fr33d0m]

So will MAS pay extra 3 day interest?

 

[sglandscape]

So will MAS pay extra 3 day interest?

Likely yes

 

[sglandscape]

Based on the SSB technical specs, it's based on calendar days so the moving to next business day should accrue interest for those redeeming it.

4.8 Accrued interest: While coupons are paid every 6 months, an investor may redeem part or all of his/her Savings Bonds in any given month, and receive accrued interest together with the repayment of principal if the redemption pay-out date falls between the scheduled coupons. The accrued interest paid out on each redemption date is calculated as follows- Accrued Interest = (CPN / 2) x (DC/PC) x H

CPN = Annual coupon rate (as a percentage) DC = Number of days between issuance date and first coupon date
PC = Number of days between the first calendar day of the issuance month, and the first calendar day of the coupon payment month
H = Investor’s holdings

 

[BBCWatcher]

So will MAS pay extra 3 day interest?

Likely yes

I don't think that's correct. The Monetary Authority of Singapore helpfully explains how coupon payments work here. And here's the key language:

For SGS bonds, you will receive the coupon payment for your SGS bonds on the first day of the month, every 6 months from the bond's issue date. In the event that the payment date falls on a public holiday, the coupon will be paid on the next business day.

The MAS doesn't say the coupon payment changes if the payment is made after the first day of the month. So, if a public holiday is inserted into the calendar, "tough luck." That's what you signed up for, part of the deal.

On edit: Among the non-SSB/non-T-bill Singapore Government Securities there are a few outstanding issues with coupon payments scheduled for September 1: NY09100H, NZ07100S, N522100N, NZ10100F, NZ13100V, NA16100H, and NA20100F. Roughly 1/6th of outstanding Singapore Savings Bonds have interest payments scheduled for September 1. These coupon and interest payments will be delayed per the terms of the issuance and due to the election holiday. I don't see any T-bills maturing on or particularly near September 1. The nearest is BS23104X maturing on September 5.

 

[sglandscape]

The technical specs seem to suggest calendar days but would comfim in Sep.

 

[reddevil0728]

Based on the SSB technical specs, it's based on calendar days so the moving to next business day should accrue interest for those redeeming it.

4.8 Accrued interest: While coupons are paid every 6 months, an investor may redeem part or all of his/her Savings Bonds in any given month, and receive accrued interest together with the repayment of principal if the redemption pay-out date falls between the scheduled coupons. The accrued interest paid out on each redemption date is calculated as follows- Accrued Interest = (CPN / 2) x (DC/PC) x H

CPN = Annual coupon rate (as a percentage) DC = Number of days between issuance date and first coupon date
PC = Number of days between the first calendar day of the issuance month, and the first calendar day of the coupon payment month
H = Investor’s holdings

I don't think that's correct. The Monetary Authority of Singapore helpfully explains how coupon payments work here. And here's the key language:

For SGS bonds, you will receive the coupon payment for your SGS bonds on the first day of the month, every 6 months from the bond's issue date. In the event that the payment date falls on a public holiday, the coupon will be paid on the next business day.

The MAS doesn't say the coupon payment changes if the payment is made after the first day of the month. So, if a public holiday is inserted into the calendar, "tough luck." That's what you signed up for, part of the deal.

On edit: Among the non-SSB/non-T-bill Singapore Government Securities there are a few outstanding issues with coupon payments scheduled for September 1: NY09100H, NZ07100S, N522100N, NZ10100F, NZ13100V, NA16100H, and NA20100F. Roughly 1/6th of outstanding Singapore Savings Bonds have interest payments scheduled for September 1. These coupon and interest payments will be delayed per the terms of the issuance and due to the election holiday. I don't see any T-bills maturing on or particularly near September 1. The nearest is BS23104X maturing on September 5.

The technical specs seem to suggest calendar days but would comfim in Sep.

Actually this is no different from cases where 1st is on ph or weekend and they pay the next working day right?

so just need to go look back at the tranches that’s impacted by this

 

[gobin74]

Seriously, the difference between SBSEP23 and SBOCT23 will only be a few basis points from 1st year to 10th. Is that really a reason to delay? Just get SBSEP23 now

HI all, need some opinion around the following ... ssb is inching up ( slowly past the 3.0x yield mark)

i have some ssb holdings at 3.0 holding . I did let go some of the ssb holdings at 2.xx earlier .

Opinion requested : is about to switch to the say oct 23 tranche as an example and let go of the ssb holdings at 3.0 %?

Thanks any thoughts welcome

 

[reddevil0728]

HI all, need some opinion around the following ... ssb is inching up ( slowly past the 3.0x yield mark)

i have some ssb holdings at 3.0 holding . I did let go some of the ssb holdings at 2.xx earlier .

Opinion requested : is about to switch to the say oct 23 tranche as an example and let go of the ssb holdings at 3.0 %?

Thanks any thoughts welcome

https://www.ilovessb.com/swap

 

[Intel888]

HI all, need some opinion around the following ... ssb is inching up ( slowly past the 3.0x yield mark)

i have some ssb holdings at 3.0 holding . I did let go some of the ssb holdings at 2.xx earlier .

Opinion requested : is about to switch to the say oct 23 tranche as an example and let go of the ssb holdings at 3.0 %?

Thanks any thoughts welcome

See what matters to you - short term, mid term, or long-term rates (i.e. how long you intend to hold)

Some issues can have lower short term rates but mid term/ long-term rates higher.
Other issues just almost flat throughout.

A huge mistake is to make decisions based on just the average rate for holding the full 10 years, i.e. the rate that is most frequently highlighted.