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March dividends & SSB 3.15% p.a. average yield.

Wednesday, March 1, 2023

January and February are usually pretty dry months when it comes to dividends.

If not for dividends in March, my passive income in 1Q of any year would be almost zero.

I will blog about my total passive income for 1Q 2023 by end of March or early April.

For now, if I were to do an estimate, passive income for 1Q 2023 could come in at under $40,000.

I shared my plan with regards to SSB, T-bill, CPF and the UOB ONE account in an earlier blog:

SSB, T-bill, CPF & UOB ONE.

I did not apply for the SSBs offered in January and February this year as both offered 10 year average yields of lower than 3% p.a. which was lower than what I would get from my CPF account.

Now, I am not saying that those SSBs were not attractive for everybody but they were not attractive to me as my plan was to apply with money earmarked for CPF voluntary contribution in 2024.

I suppose many people agreed with me as those SSBs were rather badly undersubscribed, with the one offered in February less than half subscribed.

The one that is offered this month, however, is very interesting to me as it is offering a 10 year average yield of 3.15% p.a.

Source: MAS.

With the dividends coming in this month, I would set aside at least $10,000 to apply for the SSB.

I have made a note on my calendar to apply by 28 March 2023.

If the 10 year average yield remains higher than 3% p.a. for SSBs offered in the next few months, I would be able to fully deploy the $38,000 I have earmarked for voluntary contribution to my CPF account in 2024 earlier than anticipated. 

I could do this in 2Q 2023 easily as 2Q and 3Q are usually relatively strong passive income generating periods for me.

In the next day or two, I will talk to myself a bit more on the subject of fixed income and how a meaningful exposure will do my investment portfolio a whole lot of good.

Of course, just talking to myself, as usual.



Yv said...


I was still mulling over my options on what to do with some cash benefits received from an endowment policy.

You have given me some food for thought on what I can do with it. Thank you!

AK71 said...

Hi Yv,

You have a first world problem. ;p

Happy that my blog has provided you with some food for thought! :)

Sandra said...

Hi AK, I have T-bills maturing this month, going to deploy part of the funds to apply for some SSB too. I do share your view that it is good to lock in some funds at the attractive rate for 10 years. Who knows when interest rate will start coming down? Cheers :p

The Dreamzola Traveller said...

Yeah, dividend pretty dry for past 2 months
Maybe counting money for the financial year end closing for some big plans ahead. lol.

AK71 said...

Hi Sandra,

As attractive as the yields on shorter durations are, we don't know when interest rates might go lower again although there is a growing consensus that it is unlikely to happen in 2023.

It could happen sometime in 2H 2024 or 1H 2025 is my gut feeling.

For it to happen sooner, the USA has to sink into a pretty bad economic recession which seems unlikely to happen in the near future.

A 3.15% p.a. coupon for a 10 year government bond is not terrible in a strong currency like the Singapore Dollar.

I will talk to myself a bit more on the importance of fixed income in my portfolio in an upcoming blog. :)

AK71 said...


I have to confess that counting money as a pastime doesn't sound like a terrible thing to do. ;p

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