How is the interest rate for Singapore Savings Bond (SSB) determined?

How are SSB rates calculated?

For the purpose of calculating the Step-up Coupon rates for Savings Bonds, the 1, 2, 5 and 10-year benchmark SGS yields are used as reference. These reference yields will be based on the simple average of the respective daily SGS benchmark yields from the month before the public notice of issuance (the “reference SGS yields”), as provided on the “Daily SGS Prices” page of the SGS website . Reference SGS yields for tenors between the benchmark issuances are interpolated using a hermite spline function.

This is based on singapore govt bond price
Singapore govt bond price is based on demand and supply
Demand and supply is based on expected inflation and the minimum acceptable rate of return by investors.