Singapore Savings Bonds (SSB) Allotment
SSBs are allocated according to the Quantity Ceiling format. What this means is:
MAS offers each SSB issue with a pre-determined issue size (supply). After application closes, MAS tallies all applications received and adjusts for applicants who have already reached their individual limit. The adjusted value is known as total applied within limits (demand).
If total applied within limits (demand) is less than or equal to issue size (supply), everyone who applies within their individual limit will receive full allotment. Quantity ceiling = individual limit = $200K.
However, if total applied within limits (demand) is greater than issue size (supply), the quantity ceiling will be reduced. If the amount you applied is less than or equal to the quantity ceiling, you will receive full allotment. Otherwise, you will be allotted an amount equals to quantity ceiling and if you are lucky you may be allotted an additional $500.
Quantity Ceiling
| Name | Quantity Ceiling | Percentage of Applicants Allotted an Additional $500 |
|---|---|---|
| SBJAN24 | $200,000 | 0% |
| SBFEB24 | $200,000 | 0% |
| SBMAR24 | $200,000 | 0% |
| SBAPR24 | $200,000 | 0% |
| SBMAY24 | $200,000 | 0% |
| SBJUN24 | $24,000 | 51% |
| SBJUL24 | $59,000 | 11% |
| SBAUG24 | $200,000 | 0% |
| SBSEP24 | $200,000 | 0% |
| SBOCT24 | $200,000 | 0% |
| SBNOV24 | $200,000 | 0% |
| SBDEC24 | TBA* | TBA* |
* SBDEC24 will be allotted on 27 Nov 2024. Get notified when allotment is announced by MAS.
To view the amount allotted to you, check My Savings Bonds. After logging in, new SSB that you applied and allotted but has not yet been issued will show under Allotment/Redemption Results whereas past SSBs that have been issued will show under View Details.
Issue Size, Total Applied, Bid-to-Cover Ratio, Quantity Ceiling and Average Return
Factors that can influence demand includes, but not limited to, issue size, total applied, return of the SSB and next SSB, competing products (bank FD, SGS T-bills & bonds, endowment policies), and even media coverage. Usually (but not always), when an SSB has a higher average return than the previous SSB, it attracts more people to apply. Nonetheless, it is impossible to predict demand with pinpoint accuracy.
The chart above shows the relationship between bid-to-cover ratio and quantity ceiling. Bid-to-cover ratio is calculated by dividing Total Applied Within Limits (Demand) with Issue Size (Supply). What had been observed in the past is that, when bid-to-cover ratio exceeds 1, quantity ceiling rolls off from $200k very quickly.
| Name | Issue Size (Supply) | Total Applied Within Limits (Demand) | Bid-to-Cover Ratio | Quantity Ceiling | 10 Year Average Return |
|---|---|---|---|---|---|
| SBJAN24 | $1,100,000,000 | $853,009,000 | 0.7755 | $200,000 | 3.07% |
| SBFEB24 | $900,000,000 | $175,150,000 | 0.1946 | $200,000 | 2.81% |
| SBMAR24 | $800,000,000 | $117,912,000 | 0.1474 | $200,000 | 2.88% |
| SBAPR24 | $900,000,000 | $292,148,000 | 0.3246 | $200,000 | 3.04% |
| SBMAY24 | $900,000,000 | $289,623,000 | 0.3218 | $200,000 | 3.06% |
| SBJUN24 | $1,000,000,000 | $1,577,097,000 | 1.5771 | $24,000 | 3.33% |
| SBJUL24 | $1,100,000,000 | $1,230,278,000 | 1.1184 | $59,000 | 3.30% |
| SBAUG24 | $1,000,000,000 | $944,213,000 | 0.9442 | $200,000 | 3.22% |
| SBSEP24 | $900,000,000 | $799,357,500 | 0.8882 | $200,000 | 3.10% |
| SBOCT24 | $800,000,000 | $193,603,000 | 0.2420 | $200,000 | 2.77% |
| SBNOV24 | $600,000,000 | $92,230,500 | 0.1537 | $200,000 | 2.56% |
| SBDEC24 | $600,000,000 | TBA | TBA | TBA | 2.81% |
| SBJAN25 | TBA | TBA | TBA | TBA | 2.88% (projected) |