MAS has released the latest SSB Sep 2026 (SBSEP26 GX26090V), with the first-year rate at 1.52% and the 10-year average rate at 2.25%. This is a great development for fixed-income investors, as rates have continued to climb in recent months, and this month’s SSB offers a decent ten-year average rate of return. What do you think? Are you interested in this month’s SSB?
SSB Sep 2026 Details
This month’s SSB Sep 2026 offers significantly higher rates, with the first-year rate at 1.52% and the ten-year average rate at 2.25%.
There has been a recent bump in interest rates across several issuances. Many factors may have contributed to this rise in rates, such as geopolitical tensions in the Middle East and persistent inflationary pressures in the US market, causing the Fed to adopt a cautious approach with interest rate decisions going forward.
If you have not yet filled your desired SSB allocation, this month may be a good time to do so. Please take note of the following application time.
| Opening date | 03 Aug 2026, 6pm |
| Closing date | 26 Aug 2026, 9pm |
| Allotment date | 27 Aug 2026, after 3pm |
| Issuance date | 01 Sep 2026 (by end of day) |
Competitiveness
The chart shows that SSB interest rates peaked during the 2023-2024 period and have since trended downward. Historically, we can say this month’s SSB Sep 2026 offering doesn’t offer the best rates, but it’s not the weakest either.
The good news is that there is a bounce in recent months, including this month’s offering. With rates rising, this month’s SSB can be a reasonable choice for investors who value stability and capital preservation.
Future Rates
We can make an educated guess on the future SSB interest rates by tracking the broader interest rate environment. The US Fed’s policy decision is one of the most important indicators to watch.
At its July 2026 FOMC meeting, the Fed decided to keep interest rates unchanged. The Fed decided to adopt a more data-dependent approach as inflation remains high and the US economy continues to grow strongly.
The market agrees with the Fed’s sentiment and expects no rate cut this year. Instead, the market expects a rate hike next year. With uncertainty surrounding the Middle East conflict and inflationary pressures in the US, the market no longer expects any near-term rate cut. What a turn of events.
Given that benchmark rates are projected to remain high for the foreseeable future, SSB yields, which closely follow these indicators, are likely to remain well-supported too.
How About Next Month’s Offering?
To get a more accurate projection for the next month’s SSB offering, we can refer to where the 10-year Singapore government bond yield is trading in the market now:
The chart shows a recent bump in bond yields, which explains the higher rates we are seeing in this SSB Sep 2026 offering. Should this trend persist, we may continue to see higher rates in the next month’s SSB offering.
We are still very early in the month, so the bond yield will continue to fluctuate going forward. You can continue to track this bond yield through the latter part of this month to get a more accurate prediction of where rates will be for the upcoming SSB offering.
What Do We Do?
One of the biggest advantages of the SSB is that it allows investors to lock in interest rates for up to 10 years without sacrificing flexibility. Unlike many other fixed-income products, SSBs can be redeemed monthly, with accrued interest paid through the redemption date.
During the 2023 and 2024 period, when SSB yields peaked, we locked in those attractive rates by deploying the bulk of our short- to medium-term cash into SSBs. Because those rates were much higher than the current offering, we will skip the SSB issuance for this month.
What about you? If you are interested in this month’s SSB, you can check out our step-by-step guide on how to buy SSB.
