To catalyse the growth of Singapore-based companies in overseas markets by addressing market gaps in project and structured financing.
Committing to innovative and competitive solutions
Treating business partners and colleagues with the utmost regard
Operating to the highest ethical standards with transparency
Driving sustainable value for our stakeholders
Delivering outstanding results with prudent risk management
“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.”
Our funding strategy is aimed at optimising the cost of borrowing through diversified funding sources and markets. The funding sources are capital market funding including the Euro Medium Term Notes and Euro Commercial Paper issuances and bank borrowings.
All our funding is irrevocably and unconditionally guaranteed by the Government of Singapore, which is rated Aaa, AAA and AAA by Moody’s, S&P and Fitch respectively.
Euro Medium Term Notes (EMTN)
Our US$2 billion EMTN programme is irrevocably and unconditionally guaranteed by the Government of Singapore, and is rated AAA by S&P.
For more information on the EMTN programme:
Offering Circular S&P EMTN Programme Rating
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$1.69 billion at 30 September 2022.
List of issued bonds:
|Series Number||ISIN Code||Issuance Date||Maturity Date||Currency||Amount (US$)|
(*) denotes public issues
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.
For more information on the ECP programme, please see:
Information Memorandum Moody's ECP Programme Rating S&P ECP Programme Rating
Our current ECP programme dealers are Barclays, BRED Banque Populaire, Citibank, and UBS.