Dear readers, the result for the Mar 24 Singapore Savings Bonds is out today.
The Mar 24 Singapore Savings Bonds offers an average return of 2.88% per annum for a 10-year period.
There was an application to the tune of $123.5 million for the Mar 24 Savings Bonds of which $117.9 million was allotted, this represents an oversubscription of about 4.75%.
Compared the above figure to the Feb 24 Singapore Savings Bonds where $182.8million was applied and $175.2 million was allotted, this represents an oversubscription of about 4.3%. Thus, it is fair to say that the demand for Feb 24 and Mar 24 Singapore Savings Bonds was about the same.
The Feb 24 Singapore Savings Bonds on saw a turning point in the demand for Singapore Savings Bonds: a maximum of $900 million and $800 million were respectively set aside for the Feb 24 and Mar 24 but the total application amount as previously mentioned was just a small fraction of this maximum amount.
It was just as recent as the Jan 24 Singapore Savings Bonds that there was still a very encouraging take up rate: a total of $867 million application out of a maximum of $1.1 billion offered.
Even more encouraging were the take up rates for Nov 23 and Dec 23 Singapore Savings Bonds where application was respectively $1.21 billion and $1.86 billion out of a maximum of $1 billion in Singapore Savings Bonds on offer for each tranche.
It is no surprise: the average 10-year annual yield of Nov 23 and Dec 23 was respectively still above 3% per annum at 3.32% per annum and 3.4% per annum. Feb 24 Singapore Savings Bonds was the first time in a long while that the average 10-year interest rate of Singapore Savings Bonds went below 3% per annum, to 2.81% per annum.
3% per annum is like a market benchmark for what is a decent savings interest rates nowadays. But I would say that the average 2.88% per annum for Mar 24 Singapore Savings Bonds is still a very decent figure given that it is for a longer 10-year period!
Don’t just chase higher interest rates for the short-term, let’s secure reasonably higher rates for a longer time!
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