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Notes issued under the Euro Medium Term Note Programme (“EMTN Programme”) and the Euro-Commercial Paper Programme (“ECP Programme”) may not be offered or sold within the United States.

(a) The Offering Circular pursuant to the EMTN Programme, (b) the Information Memorandum pursuant to the ECP Programme, and (bc) general information (collectively, the “Information”) contained herein is for information purposes only. It neither constitutes an offer nor an invitation nor a recommendation to subscribe for or to purchase, to hold or sell notes, nor is the Information contained herein meant to be complete or to serve as a basis for any kind of obligation, contractual or otherwise. The Information posted on this page 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, notes. The Information is current only as at its date and such availability of the Information on this website shall not create any implication that there has been no change in Clifford Capital's or the Government of Singapore's affairs since the date of the Information or that the information, statements or opinions contained therein are current as at any time subsequent to such date. Clifford Capital is under no obligation to update the information on this page. The Information may contain forward-looking statements, estimates and projections. Such statements, estimates and projections are not guarantees of future performance and undue reliance should not be placed on them.

Investors

Euro Medium Term Notes (EMTN)

Our US$2.5 billion (effective 1 August 2023) EMTN programme is irrevocably and unconditionally guaranteed by the Government of Singapore, and is rated AAA by S&P.

The bonds issued under the EMTN programme may be in public or private placement format. Since the establishment of the programme, the company has raised a total of US$2.49 billion with an aggregate outstanding principal amount of US$1.69 billion at 30 June 2023.

For more information on the EMTN programme, please see:
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Offering Circular

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S&P EMTN Programme Rating

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List of issued bonds
* Public issues
Series No.ISIN CodeIssuanceMaturityCurrencyAccount
1XS0974363557*05 Nov 1305 Nov 18USD300,000,000
2XS129840412702 Oct 1502 Oct 25USD50,000,000
3XS130941966822 Oct 1522 Oct 30USD50,000,000
4XS147713509626 Aug 1626 Aug 26USD50,000,000
5XS148396647601 Sep 1616 Aug 19USD100,000,000
6XS155798831502 Feb 1702 Feb 27USD50,000,000
7XS165042026526 Jul 1726 Jul 32USD50,000,000
8XS165585313031 Jul 1731 Jul 27USD50,000,000
9XS166268575611 Aug 1711 Aug 32USD50,000,000
10XS166847001318 Aug 1718 Aug 32USD40,000,000
11XS168557728729 Sep 1729 Sep 22USD100,000,000
12XS1787595666*07 Mar 1807 Mar 28USD300,000,000
13XS1909387943*15 Nov 1815 Nov 21USD300,000,000
14XS2051060817*10 Sep 1910 Sep 24USD300,000,000
15XS2315804414*23 Mar 2123 Mar 26USD500,000,000
16XS253934468428 Sep 2228 Sep 27USD200,000,000
Euro Commercial Paper (ECP)

Our US$700 million ECP programme is irrevocably and unconditionally guaranteed by the Government of Singapore and is rated P-1 by Moody’s and A-1+ by S&P. The ECP market provides us with access to competitive short-term funding and further complements our funding base.

Our current ECP programme dealers are Barclays, BRED Banque Populaire, Citibank, and UBS.

For more information on the ECP programme, please see:
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Information Memorandum

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Moody’s ECP Programme Rating

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S&P ECP Programme Rating

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Bayfront Infrastructure Management

Medium Term Notes

Bayfront priced an inaugural 3-year US$500 million fixed-note notes offering on 16 May 2023. Rated AAA by S&P, the bond is irrevocably and unconditionally guaranteed by the Government of Singapore. The note (ISIN: XS2599087876) was priced at par at an all-in coupon of 4.257% with a 2026 maturity.

HSBC and Standard Chartered Bank are the Joint Lead Managers for the transaction.

For more information on the fixed-rate note offering, please see:
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Information Memorandum

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S&P Rating

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Euro Commercial Paper (ECP)

Our US$500 million ECP programme is irrevocably and unconditionally guaranteed by the Government of Singapore and is rated P-1 by Moody’s and A-1+ by S&P. The ECP market provides us with access to competitive short-term funding and further complements our funding base.

Our current ECP programme dealers are ANZ, BRED, Citigroup and UBS.