| Temasek Review 2011
Financing Framework
We issue Temasek Bonds as public markers of our credit quality.
The publication of our annual Temasek Review, our credit ratings by international agencies and the issuance of Temasek Bonds anchor our institutional framework for financial discipline over the long term.
Since 2004, our credit has been rated AAA by Standard & Poor’s Ratings Services (S&P) and Aaa by Moody’s Investors Service (Moody’s).
Our US$10 billion Global Guaranteed Medium Term Note (MTN) Programme was established in 2005 with a maiden US$1.75 billion 10-year Temasek Bond.
In July 2010, we issued our first ever 12-year and 30-year Pound Sterling Temasek Bonds. This was followed in August 2010 by the pioneering 40-year Singapore Dollar Temasek Bond, which extended our debt maturity curve to 2050.
All in, we have 11 outstanding Temasek Bonds in Singapore dollars, US dollars and British pounds sterling, totalling about S$10 billion1 (US$8 billion1), with a weighted average maturity of about 16 years.
To address the short end of our debt maturity curve, we established our US$5 billion Euro-commercial Paper (ECP) Programme in February 2011 to complement the longer dated Temasek Bonds under our MTN Programme.
Our MTN Programme and all outstanding Temasek Bonds have been assigned long term ratings of AAA/Aaa by S&P and Moody’s respectively. Our ECP Programme has been assigned the highest short term ratings of A-1+ by S&P and P-1 by Moody’s.
Together, these debt issuance programmes are the major building blocks of our financing framework. While we ended the year with a net cash position, these programmes enhanced our capital efficiency and increased our funding flexibility.
Temasek Credit Ratings
| Standard & Poor’s Ratings Services |
Moody’s Investors Service |
|
|---|---|---|
| Corporate Credit Rating | AAA | Aaa |
| MTN Programme | AAA | Aaa |
| Temasek Bonds | AAA | Aaa |
| ECP Programme | A-1+ | P-1 |
Temasek Bonds – Issue Profile
| Bond Series | Currency | Billions | Tenor (years) |
Coupon (%) |
Yield at Issuance (%) |
Issue Date |
Maturity Date |
|---|---|---|---|---|---|---|---|
| T2015-US$ | USD | 1.75 | 10 | 4.5000 | 4.5750 | 21 Sep 05 | 21 Sep 15 |
| T2019-US$ | USD | 1.5 | 10 | 4.3000 | 4.3280 | 26 Oct 09 | 25 Oct 19 |
| T2039-US$ | USD | 0.5 | 30 | 5.3750 | 5.4410 | 23 Nov 09 | 23 Nov 39 |
| T2022-£ | GBP | 0.2 | 12 | 4.6250 | 4.6620 | 26 Jul 10 | 26 Jul 22 |
| T2040-£ | GBP | 0.5 | 30 | 5.1250 | 5.1550 | 26 Jul 10 | 26 Jul 40 |
| T2020-S$ | SGD | 1.0 | 10 | 3.2650 | 3.2650 | 19 Feb 10 | 19 Feb 20 |
| T2025-S$ | SGD | 0.5 | 15 | 3.7850 | 3.7850 | 5 Mar 10 | 5 Mar 25 |
| T2029-S$ | SGD | 0.3 | 20 | 4.0000 | 4.0000 | 7 Dec 09 | 7 Dec 29 |
| T2035-S$ | SGD | 0.5 | 25 | 4.0475 | 4.0475 | 5 Mar 10 | 5 Mar 35 |
| T2039-S$ | SGD | 0.3 | 30 | 4.2000 | 4.2000 | 7 Dec 09 | 7 Dec 39 |
| T2050-S$ | SGD | 1.0 | 40 | 4.2000 | 4.2000 | 2 Aug 10 | 2 Aug 50 |
Temasek Bonds - Issue Size1 and Coupon
- 1Exchange rates as at 31 March 2011.