Temasek Review 2023
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Resilient & Forward Looking Portfolio

Temasek Bonds

Our Temasek Bonds and Euro-commercial Paper are part of our funding toolkit.

Temasek Bonds are issued under our two Medium Term Note programmes and our Euro-commercial Paper (ECP) is issued under our ECP programme, to raise capital for investing in attractive opportunities that are expected to deliver sustainable returns over the long term. These programmes allow us funding flexibility between long and short term debt.

Our Temasek Bonds provide financing flexibility, serve as public markers to reinforce financial discipline, and broaden our stakeholder base. We have been issuing Temasek Bonds since 2005 and have built up a diversified investor base, including retail, institutional, and accredited investors over the years.

As at 31 March 2023, we had S$20.2 billion of Temasek Bonds and S$1.3 billion of ECP outstanding, in equivalent Singapore dollar value. The weighted average maturity for Temasek Bonds was over 19 years, and above 3 months for ECP.

All Temasek Bonds are rated Aaa/AAA by Moody’s Investors Service (Moody’s) and S&P Global Ratings (S&P) respectively. Our ECP programme has been assigned top short term ratings of P-1/A-1+ by Moody’s and S&P respectively.

Our Credit Profile is based on Temasek’s financial position as an investment company. It is a quantitative snapshot of our credit quality. It is not a recommendation to buy or sell our Temasek Bonds or ECP.