It has been two months since I did an update on Singapore Savings Bonds. Singapore Savings Bonds is really doing badly. The effective return per year for September has fallen to a low of 1.75%.
How was Interest Rate for Singapore Savings Bonds Determined?
If you didn’t know, interest rates for Singapore Savings Bonds are determined by the average Singapore Government Securities yields in the month before the announcement. The average yield for Singapore Government Securities is between 2% to 3%.
Singapore Savings Bonds Take Up Rate
Being curious about the monthly take up rate for Singapore Savings Bonds, I extracted the below statistics from Singapore Government Securities website.
As you can see below, the strongest take up was when the Singapore Savings Bonds was initially launched in October 2015. Starting from January 2016 onward, the take up rate fell drastically. There is slight improvement in take up rate from June 2016 onward.
| Month | Issue Code | Total Applied ($) |
| October 2015 | GX15100F | 413,161,000 |
| November 2015 | GX15110T | 257,328,500 |
| December 2015 | GX15120V | 40,987,500 |
| January 2016 | GX16010N | 43,957,000 |
| February 2016 | GX16020F | 28,400,500 |
| March 2016 | GX16030T | 25,765,500 |
| April 2016 | GX16040V | 18,989,500 |
| May 2016 | GX16050Z | 24,678,000 |
| June 2016 | GX16060X | 21,999,000 |
| July 2016 | GX16070A | 25,220,000 |
| August 2016 | GX16080S | 28,017,500 |