(for year ended 31 March)

 

Dividend over Interest Expense (x)

16.1x

Dividend over interest expense S$7.9 billion dividend income over S$0.5 billion interest expense

Dividend Over Interest Expense

 
 

Portfolio Value over Debt (x)

19.3x

Portfolio value over debt S$266 billion net portfolio value over S$13.8 billion debt

Portfolio Value Over Debt

 
 

Liquid Assets over Debt (x)

6.6x

Liquid assets over debt S$90.6 billion liquid assets over S$13.8 billion debt

Liquid Assets Over Debt

Key Credit Parameters (in S$ billion)

For year ended 31 March 2011 2012 2013 2014 2015
Divestments 9 15 13 10 19
Dividend income 5.3 8.1 6.4 7.9 7.9
Interest expense 0.5 0.5 0.5 0.5 0.5
Net portfolio value 193 198 215 223 266
Liquid assets 74.5 71.8 76.5 80.3 90.6
Debt 12.6 13.5 14.6 14.2 13.8

Debt Issuance Programmes

We have a US$15 billion Guaranteed Global Medium Term Note (MTN) Programme, and a US$5 billion Euro-commercial Paper (ECP) Programme to provide flexible balance between long and short term funding.

Debt Maturity Profile (in S$ billion)

As at 31 March 2011 2012 2013 2014 2015
Due up to 1 year 2.1 2.0 2.1 2.3 3.8
Due 1 to 3 years 0.6 1.8 3.1 2.2
Due 3 to 10 years 5.3 5.1 4.7 4.8 5.6
Due after 10 years 4.6 4.6 4.7 4.9 4.4

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
T2023-US$ USD 1.2 10.5 2.3750 2.4660 23 Jul 12 23 Jan 23
T2039-US$ USD 0.5 30 5.3750 5.4410 23 Nov 09 23 Nov 39
T2042-US$ USD 0.5 30 3.3750 3.5020 23 Jul 12 23 Jul 42
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
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
 

Temasek Bonds – Maturity Profile and Coupon

temasek-bonds
Refers to information of Temasek Holdings (Private) Limited (THPL) and its Investment Holding Companies (IHCs). IHCs are THPL’s wholly owned subsidiaries, whose boards of directors or equivalent governing bodies comprise employees or nominees of THPL, wholly owned Temasek Pte. Ltd. (TPL), and/or TPL’s wholly owned subsidiaries. The principal activities of THPL and its IHCs are that of investment holding, financing, or the provision of investment advisory and consultancy services to THPL and its IHCs.
Mainly cash and cash equivalents, and sub-20% listed assets.
Comprises Temasek Bonds totalling S$12.4 (US$9.1) billion, with a weighted average maturity of over 12 years and Temasek ECP totalling S$1.4 (US$1.0) billion, with a weighted average maturity of about three months as at 31 March 2015.
Our MTN Programme and all Temasek Bonds are rated AAA/Aaa by Standard & Poor's Ratings Services (S&P) and Moody's Investors Service (Moody's) respectively. Our ECP Programme has the highest short term ratings of A-1+/ P-1 by S&P and Moody's respectively.
Notional Issue Size (S$b) is based on exchange rates as at 31 March 2015.