The latest SSB Jul 2026 (SBJUL26 GX26070F) has been released: the first-year rate is 1.46%, and the 10-year average rate is 2.11%. With interest rates on this month’s SSB surpassing 2%, investors seeking reliable fixed-income options may find these returns attractive. Will you be participating this month?
SSB Jul 2026
The SSB Jul 2026 maintains broadly similar interest rates to the previous issue, offering 1.46% in the first year and an average annual return of 2.11% over its 10-year tenure.
After a period of declining yields amid the global rate-cut cycle, SSB rates have recently edged higher. This trend may be influenced by escalating geopolitical tensions in the Middle East, specifically involving Israel, the US, and Iran. Should energy prices spike due to disruptions in the Strait of Hormuz, inflation could surge again, leading central banks to maintain higher interest rates for an extended period.
Should you be interested in this month’s SSB, please take note of the following application timeline:
| Opening date | 02 Jun 2026, 6pm |
| Closing date | 25 Jun 2026, 9pm |
| Allotment date | 26 Jun 2026, after 3pm |
| Issuance date | 01 Jul 2026 (by end of day) |
Competitiveness
As the chart shows, SSB rates have generally been on a downward trend over the past few years, but have recently seen a bump. This turn is definitely a welcome trend for investors.
Looking back over the past few years, especially during the 2023-2024 period, we can see that rates were much higher then.
From a historical perspective, the SSB Jul 2026 issue is neither especially compelling nor the worst, given the recent bump. That said, for investors who have yet to reach their target SSB allocation, this issue may still be worth considering, particularly given the modest improvement in yields compared to recent months.
How About Future Rates?
We can get a rough idea of where interest rates may be headed by looking at both the Fed’s guidance and how the market is pricing future rate moves. At the April FOMC meeting, the Fed left interest rates unchanged, indicating that it will continue to assess incoming economic data before deciding on its next policy move.
The market seems to be on the same page as the Fed. Expectations have changed quite significantly, as escalating tensions in the Middle East have prompted investors to pare back their bets on interest rate cuts.
As a result, markets are now expecting rates to stay higher for longer, with no cuts priced in for this year and even a rate hike next year.
In the long run, SSB rates tend to track movements in these benchmark interest rates. With markets now expecting no near-term rate cuts, SSB yields are likely to remain around current levels.
That said, much of the current outlook is being shaped by geopolitical tensions in the Middle East. As a result, we should expect continued volatility, with rates likely to fluctuate as these developments evolve.
Next month’s projection
A helpful indicator of where SSB rates could head next month is the Singapore 10-year government bond yield, as the SSB 10-year average rate tends to track it broadly.
Looking at the chart, rates have been fairly steady lately, staying within the same range as the last few SSB issuances. If this trend holds, next month’s SSB rates are likely to come in around similar levels.
That said, we’re still early in the month, so there’s a lot of room for further movement. Ongoing developments in the Middle East could also introduce volatility and shift expectations as new information emerges.
What Do We Do?
We love SSB because it lets us lock in rates for up to 10 years while still offering decent liquidity, with monthly redemptions and accrued interest.
During the 2023 and 2024 period, we have migrated all of our short and medium-term cash allocation to SSB to lock in the higher rates for longer. As our SSB holdings already have higher rates, we will not participate in this month’s SSB.
How about you? Will you be participating this month? If so, you may follow our step-by-step guide to buying SSB.
