Sep 29, 2015

    Over $413m accepted in 1st issue of S'pore Savings Bonds

    A TOTAL of 19,505 individuals applied for the first issue of the Singapore Savings Bonds for a total amount of $413.16 million, the Monetary Authority of Singapore (MAS) announced yesterday.

    As the total application amount did not exceed the first issue's $1.2 billion total, all applicants will receive their application amount in full, subject to the limit of $50,000 per individual.

    The application results were set to be unveiled yesterday, following the end of the savings bonds' application period on Friday. The bonds will be formally issued on Thursday.

    "Successful applicants of the first Savings Bond issue will receive a letter from CDP (Central Depository) within three to five business days informing them of the amount of Savings Bonds they have received," MAS said in a statement released yesterday.

    The second issue will be announced on Thursday and issued on Nov 2, MAS added.

    Earlier this month, MAS unveiled the first issue details, with the bonds promising 2.63 per cent of average coupon rate per annum over 10 years.

    The product has a unique "step-up" feature, which grants more interest returns the longer the bonds are held.