Our Temasek Bonds and Euro-commercial Paper are part of our funding toolkit to support Temasek’s ability to invest in opportunities with the aim of delivering sustainable returns over the long term.
Temasek Bonds are issued under our two Medium Term Note programmes and our Euro-commercial Paper (ECP) are issued under our ECP programme. These programmes allow us funding flexibility between long-term and short-term debt.
Our Temasek Bonds provide financing flexibility and broaden our stakeholder base.
We have been issuing Temasek Bonds since 2005 and have built up a diversified investor base, comprising institutional, accredited, retail (in Singapore) and other specified investors over the years.
As at 31 March 2025, we had S$20.2 billion of Temasek Bonds and S$0.4 billion of ECP outstanding, in equivalent Singapore dollar value. The weighted average maturity for Temasek Bonds was over 18 years, and above two months for ECP.
Temasek and its bond programmes 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. All Temasek Bonds issued to date have been rated Aaa by Moody’s and/or AAA by S&P.
Disclaimer
This website, and our social media sites, contain information which is for information purposes only. They do not constitute an offer nor an invitation nor a recommendation to subscribe to or to purchase, to hold or sell securities, nor is the information contained herein meant to be complete or to serve as a basis for any kind of obligation, contractual or otherwise. Additionally, third-party information distributed on our social media sites may not represent our views and unless otherwise expressly indicated, we take no responsibility for, nor do we endorse, any such information.
Temasek Financial (IV) Private Limited's Medium Term Note Programme is not for investors within the United States and not for U.S. persons.
| Issuer | Temasek Financial (I) Limited | Temasek Financial (IV) Private Limited |
|---|---|---|
| Guarantor | Temasek Holdings (Private) Limited | Temasek Holdings (Private) Limited |
| Bond Programme | US$25 Billion Guaranteed Global Medium Term Note Programme | S$5 Billion Guaranteed Medium Term Note Programme |
| Applicable Investors | For Institutional and Accredited and Other Specified Investors only | For Retail (Singapore only), Institutional and Accredited and Other Specified Investors only |
| Offering Circular | Click here to view the Offering Circular dated 21 July 2025 | Click here to view the Offering Circular dated 21 July 2025 |
Disclaimer
Any offering circular posted up on this website is being provided as a historical, reference source only and is not being used, and no one is authorized to use, disseminate or distribute it, in connection with any offer, invitation or recommendation to sell or issue, or any solicitation of any offer to purchase or subscribe for, securities. Each offering circular is current only as at its date and such availability of the offering circular on this website shall not create any implication that there has been no change in Temasek's or the Issuer's affairs since the date of such offering circular or that the information, statements or opinions contained therein is current as at any time subsequent to such date. Neither Temasek nor the Issuer is under any obligation to update an offering circular. An offering circular may contain forward-looking statements and these statements, if included, must be read with caution as set forth in the section "Forward-looking statements" in such offering circular.
Disclaimer
The information on this Frequently Asked Questions page is provided strictly for information only, and is not and does not constitute or form part of, and is not made in connection with, any offer, invitation or recommendation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of any entity.
The information below focuses on Temasek Bonds issued under Temasek’s two Medium Term Note programmes.
If you have further questions, please consult your own financial, investment, business, legal, tax or other professional advisers prior to investing.
We issue Temasek Bonds as part of our funding toolkit, to support its ability to invest in opportunities with the aim of delivering sustainable returns over the long term.
Our Temasek Bonds provide financing flexibility between long-term and short-term debt and broaden our stakeholder base.
The proceeds were used to fund the ordinary course of business of Temasek and our investment holding companies.
The programme adds to our funding flexibility and gives us the optionality to invite Singapore retail investors to participate in future bond offerings.
We issued the T2023-S$ Temasek Bond and T2026-S$ Temasek Bond, in 2018 and 2021 respectively, to retail investors in Singapore. These public bond offers broadened our stakeholder base and provided Singapore retail investors an opportunity to invest in a Temasek Bond.
The T2023-S$ Temasek Bond and T2026-S$ Temasek Bond were assigned the highest ratings of Aaa/AAA by Moody’s and S&P respectively.
Since 2005, Temasek has issued bonds under our two Medium Term Note programmes in Singapore Dollars (SGD), US Dollars (USD), Euro (EUR), British Pound Sterling (GBP) and Offshore Chinese Yuan (CNH).
More information about Temasek Bonds can be found here.
Temasek remains open and flexible to various financing options, including issuing subsequent bonds that are available to retail investors in the future, depending on objectives and market conditions.
Temasek has overall corporate credit ratings of Aaa/AAA by Moody’s Investors Service (Moody’s) and S&P Global Ratings (S&P) respectively. All Temasek Bonds issued to date have been rated Aaa by Moody’s and/or AAA by S&P.
Any credit ratings accorded to Temasek or Temasek Bonds are statements of opinion and are not a recommendation to buy, sell or hold the bond, and investors should decide whether the investment is appropriate. In particular, rating agencies have stated in their rating reports that credit ratings are NOT intended for use by retail investors, and retail investors should NOT consider the credit ratings in making any investment decision.
All investors should consult their financial, investment, business, legal, tax or other professional advisers prior to investing.
We have published our credit profile which covers our key credit parameters in terms of leverage, interest coverage, and debt service coverage, in our annual Temasek Review. Our credit ratios facilitate a quantitative assessment of our credit quality and demonstrate our fundamental strength as an investment company.
Temasek has a conservative gearing stance.
Total leverage is restricted to an overall debt limit set by our Board. The debt limit takes into account our portfolio value, shareholder funds, forecast cash flow, and credit profile.
No, Temasek Bonds are not guaranteed by the Singapore Government. The Singapore Government also does not guarantee any other debt obligations of Temasek.
Temasek Holdings (Private) Limited is the Guarantor, which fully guarantees all payments of interest due, and the full repayment of the principal amount at maturity whether the bond is purchased during the offer or in the secondary market. Do note that there is no certainty that the Guarantor will always remain solvent and able to fulfil its obligations under the guarantee.
Temasek does not guarantee the market price or market liquidity of Temasek Bonds during its tenor, which will be subject to many factors.
Disclaimer
The information on this Frequently Asked Questions page and the Offering Circular and pricing supplement(s) referred to below are provided strictly for information only, and should be read as of their respective dates, unless otherwise specified or determined by the context. The information below is not and does not constitute or form part of, and is not made in connection with, any offer, invitation or recommendation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of any entity.
The information below focuses on Temasek Bonds issued by Temasek Financial (IV) Private Limited (the “Issuer”) under its Medium Term Note programme (the “Programme”) which are available to retail investors in Singapore.
If you have further questions, please consult your own financial, investment, business, legal, tax or other professional advisers prior to investing.
When you invest in a bond, you are lending money to a bond issuer.
A plain vanilla bond is typically for a fixed period, called the tenor, and for a fixed interest rate, called the coupon.
An issuer of a plain vanilla bond is basically promising you two things, in return for the money that you are lending to the issuer:
First, it promises to repay you the principal amount when the bond “matures” at the end of its tenor.
Second, it promises to pay you interest at the stipulated annual, half yearly, or quarterly intervals.
Once the principal amount of a bond is repaid at maturity and the issuer redeems the bond, the bond no longer exists.
Depending on the objectives of an issuer and market interest, a bond issuer may issue bonds with more complex terms, such as variable interest rates.
Similarly, with a Temasek Bond, Temasek agrees to pay investors a fixed coupon during the bond’s tenor and to repay the principal amount borrowed at maturity.
Temasek currently pays investors of our Temasek Financial (IV) Bonds a coupon twice a year and will return the investor’s principal amount at the end of the bond’s tenor.
Investors considering the Temasek Bonds should understand Temasek’s credit quality and its ability to pay interest periodically and repay the principal amount at maturity. You should also understand all the risks involved.
You may find more information in the Programme Offering Circular, and you should also read the pricing supplement for that Temasek Bond.
Temasek Bonds, much like other bonds, provide a steady stream of income in the form of coupon payments, which can be an attractive option for investors looking for a reliable source of cash flow.
For instance, investors can expect coupon payments twice a year when they buy Temasek Financial (IV) Bonds, as well as the repayment of principal upon maturity.
It is important to note that the market value of a bond can fluctuate if sold before its maturity, and a bond's value will depend on factors such as its coupon rate, market interest rates and conditions, changes to credit quality, and the remaining length of its tenor.
You may find more information in the Programme Offering Circular, and you should also read the pricing supplement for that Temasek Bond. As an issuer of bonds, we are not allowed to provide any views that can potentially be misconstrued as financial advice. You might find it helpful to speak with a financial advisor who can provide more information.
Bondholders should assess various risks when investing in bonds generally and in Temasek Bonds, such as market,
business, legal, regulatory, interest rate, default, liquidity and inflation risks.
These would apply to all Temasek Bonds.
For more details on the risks, please refer to Considerations Before Investing in Bonds.
You may also refer to the Programme Offering Circular for a discussion of certain risks in connection with an investment in Temasek Bonds, and you should also read the pricing supplement for that Temasek Bond before investing.
If a bond is sold before its maturity, it will be sold at its market price, which may rise or fall depending on supply and demand, general market conditions and other factors.
Interest rates and bond prices generally move in opposite directions. When market interest rates rise, prices of fixed-rate bonds tend to fall. This does not mean interest rates of bonds will change.
Hence, if you are unable to hold your bond to maturity, you may suffer a partial loss of your principal amount if you have to sell your bond when prices are down.
To date, Temasek has been offering Temasek Bonds to retail, institutional, accredited and other specified investors. Temasek determines the bond interest rate via a book building process, based on the bids in this market-based price discovery exercise.
The interest rate for the Temasek Bonds available to retail investors in Singapore have similarly been determined based on bids from institutional, accredited and other specified investors in a book building process.
The same interest rate is offered to retail investors under the public offer.
The interest rate on a bond is a function of, among other things, the risk that an investor takes when investing in a bond.
For a bond deemed to be of higher risk (usually because of the perceived or actual credit quality of the issuer), the interest rate is expected to be higher.
The interest rate also depends on other factors such as the tenor and market conditions at the time of the bond issuance.
The interest rate for the Temasek Bonds have been determined based on bids from institutional, accredited and other specified investors in a book building process for market price discovery.
The interest payments and principal amount of Temasek Bond(s) are independent of its price in the secondary market, and independent of Temasek’s performance.
For example, the T2026-S$ Temasek Bond issued in November 2021 has a fixed interest rate of 1.80% per year, payable every six months. 100% of the principal amount and the last interest payment are due to be paid on the maturity date.
If Temasek defaults on interest payments, the trustee of the Temasek Bond(s) may give notice to the Issuer that the principal amount of the Temasek Bond(s) shall become immediately due and payable together with accrued interest (if any) in accordance with the terms and conditions of the Temasek Bond(s).
You should understand the dynamics, risks and opportunities associated before investing in any product, including Temasek Bonds.
A. If you invest using cash:
CDP will credit interest payments on the respective Temasek Bond into the bank account linked to your CDP securities account.
More information can be found on the CDP website.
If you hold a Temasek Bond in a securities sub-account and/or investment account with a Depository Agent, you will have to rely on your Depository Agent to credit your account with the interest payments.
B. If you invest using your CPF Savings:
Interest payments, capital gains (if applicable) or the principal amount of the respective Temasek Bond will be credited to your CPF Investment Account.
For more information on the interest payment dates for the T2026-S$ Temasek Bond, please visit here.
Interest derived by individuals tax resident in Singapore from Temasek Bond(s) is exempt from tax, except where such income is derived through a partnership in Singapore or is derived from the carrying on of a trade, business or profession in Singapore.
As we cannot advise you regarding your personal tax matters, you should not rely on this response as being tax advice and should consult your own tax advisers as to the Singapore or other tax consequences of the acquisition, ownership, or disposition of Temasek Bond(s), in particular the effect of any foreign, state, or local tax laws to which you may be subject.
To start trading, you will need a Trading Account with a broker and a CDP Securities Account. You must be at least 18 years old and not be an undischarged bankrupt. There is no charge to open a CDP account. However, you might have to pay your broker administrative fees or trading fees when transacting. Using your broker’s platform, you will be able to buy and sell Temasek Financial (IV) Bonds and other securities. The minimum investment is 1 lot, which has a par value of S$1,000, and you can buy or sell multiple lots of Temasek Financial (IV) Bonds. The market price of the bond you transact at may be above, below or at the par value, depending on market conditions at the time, such as supply and demand, general market conditions and other factors.
Investors may also trade Temasek Financial (IV) Bonds over-the-counter via a market intermediary on the Debt Securities Clearing and Settlement System in multiples of 1 lot, starting from a minimum of 50 lots.
You may sell the Temasek Bond in the market once it is listed and quoted on the Main Board of the SGX-ST. The value of your bond, and hence your investment return, will depend on the prevailing market price at the time you sell, which may be above or below your original bond purchase price.
You can check the trading prices of Temasek Bonds on the SGX-ST website. Please key in Temasek under “Retail Bonds & Perpetual Securities” and select the Temasek Bond you are searching for.
No, you may only sell Temasek Bond(s) in the secondary market. Please see above question on how to buy or sell the Temasek Bond(s).
You may refer to the “Transfer of Securities” section on the CDP website for more information on the transfer of securities.
In addition, please refer to the selling and transfer restrictions set out in the Programme Offering Circular and the applicable pricing supplement for restrictions applicable to other jurisdictions.
You may refer to the “Transfer for Estate of the Deceased” section on the CDP website for more information.
Please also consult your own legal advisers.
If you trade Temasek Bond(s) in the over-the-counter market, accrued interest will be payable on the Temasek Bond. However, if you trade Temasek Bond(s) on the SGX-ST, accrued interest will not be payable.
CPF Savings refer to your investible CPF Ordinary Account savings.
Each series of Temasek Bonds may or may not be included under the CPF Investment Scheme – Ordinary Account (“CPFIS-OA”). The applicable pricing supplement will state whether that series of Temasek Bonds are included under the CPFIS-OA and whether CPF Savings may be used to buy such Temasek Bonds.
The following apply to Temasek Bonds which are included under the CPFIS-OA.
Secondary Market Purchases after Completion of Offer
CPF members CAN use their CPF savings to purchase the Temasek Bond(s) in the secondary market.
Conditions for using CPF Savings to invest in Temasek Bond(s)
To invest under CPFIS-OA, you need to be at least 18 years old, not be an undischarged bankrupt, have a valid CPF Investment Account with a CPFIS agent bank1, and have more than S$20,000 in your CPF Ordinary Account.
You should consult your broker and the relevant bank which you hold your SRS account with if you wish to purchase Temasek Bond(s) in the secondary market after the listing of the respective Temasek Bond(s) on the SGX-ST using SRS funds.
You can use your joint CDP securities account, provided it is linked to a trading account, to buy Temasek Bond(s) in the secondary market.
You should consult your broker and the relevant bank which you hold your joint CDP account with if you wish to purchase Temasek Bond(s) from the secondary market.
You do not need to take any action. Your principal amount and last interest payment will be automatically credited to your account as a single amount.
The redemption amount at maturity will be 100% of the principal amount of the Temasek Bond, regardless of its prevailing market value.
The information below is focused on investments in bonds. There are other factors which apply to investments in shares.
Corporate actions by a company can include a range of events, such as new issuances of shares or bonds, redemption of outstanding bonds, a buyback of shares or bonds or an acquisition or disposal of assets. If the company undertakes a corporate action, the market price of its shares or bond may be impacted.
Listed bonds are traded in the secondary market and market prices are affected by the financial fundamentals of the company (most notably the strength of a company’s balance sheet and its ability to meet its payment obligations), as well as wider market factors and sentiment.
The market price of the bonds can change based on the perceived financial strength, the interest rate environment, or investors’ expectations about the company and/or the wider market.
If you are an investor and you are considering whether to buy, sell or hold a company’s bonds, keeping up to date on its corporate actions and announcements, including the company’s periodic disclosure of its financial performance, is one way for you to understand the company’s financial and business health, and to ensure that you are aware of the latest developments affecting the company.
However, it is important that you consider these announcements as one data point, and that you make an effort to reach your own informed views about whether to buy, sell or hold securities, taking into account relevant information and your own personal circumstances, including risk tolerance.
Announcements made by the company do not constitute financial or investment advice. You should consult your own financial, investment, business, legal, tax or other professional advisers prior to investing.
