SINGAPORE BOND MARKET MECHANICS
Singapore Savings Bonds
SSB vs SGS: Two Different Liquidity Mechanisms
Why liquidity in Savings Bonds works differently from liquidity in tradable Singapore Government Securities.
MECHANISM
SSBs rely on an issuer-supported redemption mechanism, whereas conventional SGS liquidity depends on secondary-market trading, dealers and repo. The distinction matters when comparing apparently similar government-backed instruments.
WHAT TO MONITOR
Compare exit mechanism, price risk, maturity flexibility and marketability rather than yield alone.
Primary-source starting points: Monetary Authority of Singapore — Bonds and Bills and Singapore Ministry of Finance — Assets and Liabilities. Source availability varies by mechanism.
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