SINGAPORE (THE BUSINESS TIMES) - The yield of the 10-year Singapore Savings Bonds (SSBs) has crossed 1 per cent for the April issue.

The first-year interest rate stands at 0.35 per cent, while the average return over a decade is 1.15 per cent per annum.

The last time SSB yield was above 1 per cent was in June 2020's issue. The first-year interest rate was 0.57 per cent, while the average return over 10 years stood at 1.05 per cent per annum.

SSBs offered in any given month will pay a coupon that is linked to the daily average Singapore Government Securities yields as published by the Monetary Authority of Singapore in the previous month.

The maximum amount offered for the upcoming April issue is $100 million. Interest payment dates will be every six months on April 1 and Oct 1 until maturity.

In February, applications for March 2021's SSB issue stood at around $12.1 million.

The first-year interest rate was 0.28 per cent, while the average return over 10 years was 0.97 per cent per annum.

Applications peaked at $568 million in July 2018 and hit an all-time low of $10.1 million in July 2020 amid a low interest rate environment.

The latest SSB issue closes on March 26, 2021.