MAS has published the latest SSB Feb 2026 (SBFEB26 GX26020S): the first-year rate is 1.35%, and the 10-year average rate is 2.25%. This is good news for investors, as the 10-year average rate is finally back above 2%. With the interest rate cut cycle still ongoing, is this a good opportunity to invest in SSB?
SSB Feb 2026 Offering
The trend of higher rates continues this month, hooray! After several months of rates below 2%, we are back above it, with the 10-year average rate at 2.25%. The first-year rate is at 1.35%.
Despite the rate increases, investors should be aware that the Fed has embarked on a rate-cut cycle, which may continue to put downward pressure on rates in the future.
If you are interested in this SSB Feb 2026 offering, please take note of the following application timeline:
| Opening Date | 02 Jan 2026, 6pm |
| Closing Date | 27 Jan 2026, 9pm |
| Allotment | 28 Jan 2026, after 3pm |
| Issuance | 02 Feb 2026 (by end of day) |
How Competitive Is It?
With the 10-year average rate jumping quite significantly from last month’s offering, how competitive is this month’s SSB? Let’s compare it historically.
The chart shows the SSB historical rates over the past few years. We can see from the chart that the current rates are much better than those in the last few months but significantly lower than those throughout 2022 to 2024.
How About Future Rates?
It is hard to predict where rates will go in the future with certainty, but we can still try to make an educated guess.
The Fed cut the benchmark interest rate by 25 bps at its December meeting and was divided on the timeline for future rate cuts, with the median vote expecting one rate cut in 2026. With inflation remaining sticky, the Fed prefers to see it cool further before making further moves.
The market agrees with the Fed assessment and expects two rate cuts in 2026.
SSB generally follows these rates, so if this projection holds, we can expect SSB rates to track these rate cuts.
Next Month’s SSB Rates Projection
How about next month’s SSB rates? We can also make an educated guess by looking at the movement of the Singapore 10-year bond yield.
The chart shows that rates have declined over the past year but have risen in the last few months. We also see a slight rate decline at the start of this month. If this trend holds for the remainder of the month, we can expect slightly lower rates for next month’s SSB rates.
However, given that we are still very early in the month, please take this with a grain of salt 🙂
What Do We Do?
We love SSB because it allows us to lock in rates for up to 10 years while still having the flexibility to redeem monthly with interest accrued.
We have been parking our short- to medium-term cash allocation in SSB to lock in the higher rates during the 2022-2024 interest rate boom. We have also migrated all of our T-bill allocations into SSB to lock in the higher rates for a much longer duration.
Because the current SSB Feb 2026 rates are significantly lower than what we already hold, unfortunately, we will not be participating this month.
How about you? Will you be participating in this month’s SSB? If so, you may follow our step-by-step guide to buying SSB.
