Ins & Outs of Temasek

Divestments

We receive proceeds from the sale of our investments.

Our annual divestments averaged about S$34 billion over the last five years.

Dividends from Portfolio

We receive dividends from our portfolio companies.

Our annual dividends averaged S$10.3 billion in the last five years.

Distributions from Funds

Funds we have invested in distribute their returns to us when they start maturing.

Temasek Bonds

We borrow from bond investors through our US$25 billion Guaranteed Global Medium Term Note Programme and S$5 billion Guaranteed Medium Term Note Programme.

As at 31 March 2026, we had 29 Temasek Bonds outstanding totalling some S$22.8 billion with a weighted average maturity of over 15 years.

All Temasek Bonds issued to date have been rated Aaa by Moody’s or Aaa/AAA by Moody’s and S&P.

Temasek Euro-commercial Paper (ECP)

We borrow short-term money by issuing ECP, with maturities typically below a year.

As at 31 March 2026, our S$2.5 billion of ECP outstanding had a weighted average maturity of above one month.

Bank Borrowings

We may also borrow from banks from time to time, especially for short-term funding or bridging needs.

Investment by Shareholder in Temasek’s Shares

Our shareholder, the Minister for Finance, may invest in Temasek's shares. These investments are made at the discretion of our shareholder as part of their own decision as to their overall asset allocation, taking into account the Singapore Government’s liquidity needs and the long-term risk-adjusted expected returns of such investments. These investments in Temasek’s shares are reflected in Temasek’s audited accounts, which are public information. The number of shares issued by Temasek to the Singapore Government is based on the audited consolidated Temasek Group Shareholders’ Funds.