SINGAPORE - The latest tranche of the Singapore Savings Bond (SSB) whas been oversubscribed.

More than 6,300 investors submitted applications totalling some $172 million, exceeding the issuance size of $150 million.

As a result of the oversubscription, some investors will not receive the full amount that they applied for.

Applicants who applied for $41,000 or lower were given a full allocation, subject to the individual limits of $100,000. The limit includes the amount they may have subscribed for in earlier tranches.

Applicants who applied for $41,500 or higher would receive $41,000 or $41,500.

Under a "quantity ceiling" method of allotment, an additional $500 worth of bonds can be allotted to an applicant on a random basis.

The details of the next SSB will be announced on Feb 1.

Interest rates for the coming issue would be based on the average yields of Singapore Government Securities in January 2018.

For the January issue, investors who hold onto the bond for the full 10 years will receive an average of 2.04 per cent a year.

Correction note: In an earlier version of the article, we said the individual limit is $50,000. It should be $100,000. We are sorry for the error.