Media Releases
Published Date: 30 January 2018

Oversubscription of Singapore Savings Bonds

Singapore, 29 January 2018… The Monetary Authority of Singapore (MAS) announced today that the Singapore Savings Bond (SSB) which was opened for application in January 2018 (SBFeb18) was oversubscribed.  More than 6,300 investors submitted applications totalling approximately S$172 million, exceeding the issuance size of S$150 million. As a result of the oversubscription, some investors will not receive the full amount that they applied for.

2.     The SSB allocation mechanism maximises the number of successful applicants, through the “quantity ceiling method” detailed on the SSB website ( ) and in Annex 1. Applicants who applied in January 2018 for S$41,000 or lower were given a full allocation, subject to the individual limits. Applicants who applied for S$41,500 or higher would receive S$41,000 or S$41,5001.  Applicants that were not fully allotted should receive a refund to the bank account from which the application was made, in one to two business days from 29 January 2018. 

3.     The details of the next SSB will be announced on 1 February 2018. Interest rates for the coming issue would be based on the average yields of Singapore Government Securities (SGS) in January 20182. Individuals that wish to invest may submit applications from 6.00pm on 1 February 2018, to 9.00pm on 23 February 20183.

4.     For more information, please visit the SSB website at or call the SSB hotline at 6221-36824. Individuals who are interested in receiving updates on the SSB programme and details of the next SSB issue may subscribe to the mailing list on the SSB website.


1 Under the “quantity ceiling” method of allotment, the additional $500 is allotted on a random basis (Please refer to Annex 1).
2 MAS publishes daily SGS benchmark yields in the Statistics section of the SGS website.
3 Applications are open from 7.00am to 9.00pm, Mondays to Saturdays, excluding Public Holidays. 
4 The operating hours of the SSB hotline are: Mondays to Fridays (8.30am to 12pm and 2pm to 5.30pm), excluding Public Holidays.