Singapore to issue 4-billion-SGD savings bond in 2016
The Monetary Authority of Singapore (MAS) has announced the issue of 4 billion SGD (2.85 billion USD) worth of savings bonds in 2016 on a monthly basis.
Singapore (VNA) – The Monetary Authority of Singapore (MAS) has announced the issue of 4 billion SGD (2.85 billion USD) worth of savings bonds in 2016 on a monthly basis.
Up to 300 million SGD of bonds will be available in January, 2016 and individual investors can register during December, 2014, ending on December 28.
At a minimum investment of 500 SGD, the bond targets small retail investors.
Unlike regular bonds whose early redeeming is subject to fines, savings bond can be redeemed ahead of the 10-year term without any penalty.
The bond starts with a first-year coupon rate – or interest return – of 1.21 percent, which gradually rises overtime to reach the maximum of 2.58 percent a year.
MAS rolled out the product in last October as a safe, affordable and flexible option for the public to invest.
Since then✅, 710.9 million SGD has been mobilised thu🎃s far.-VNA
The Monetary Authority of Singapore will strengthen its regulatory framework to safeguard investor interests by proposing amendments to the Securities and Futures Act that will be discussed next year.
More than 413 million SGD (288 million USD) in applications from nearly 20,000 people have been accepted for the first issuance of Singapore Savings Bonds.
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MAS' headquarters (Photo: businesstimes.com.sg)
