Funding Strategy

The overall funding strategy of Clifford Capital is to optimise its cost of borrowing through diversified funding sources and markets. Clifford Capital regularly assesses the capital markets under its US$1.4 billion Euro Medium Term Note Programme (“EMTN”) and US$500 million Euro-Commercial Paper Programme. In addition to capital market funding, committed and uncommitted credit lines are also established with both international and Singapore banks.

All of Clifford Capital’s funding is irrevocably and unconditionally guaranteed by the Government of Singapore, rated Aaa, AAA and AAA by Moody’s, S&P and Fitch respectively.

Euro Medium Term Notes

Irrevocably and unconditionally guaranteed by the Government of Singapore, the US$1.4 billion Euro Medium Term Note Programme (“EMTN”) is rated AAA by S&P.

For further information on the Euro Medium Term Note Programme, please see:

Offering Circular
Supplemental Offering Circular
S&P EMTN Programme Rating

Bonds issued under the EMTN programme may be in public or private placement format and the company has raised a total of US$1.19 billion since the establishment of the programme.

Clifford Capital completed its debut USD300 million public issue in 2013 with a 5-year maturity. The company returned to the public market with a US$300 million 10-year bond offering on 28 February 2018. A US$300 million 3-year bond offering priced on 8 November 2018 marked the second offering by the company in 2018.

Further issues on a private placement basis with maturities ranging between 3 to 15 years are executed on a regular basis allowing the company to target a specific investor base and raise funding on a flexible basis in accordance with its requirements.

Details of the outstanding bonds are as follows:

Series Number ISIN Code Issuance Date Maturity Date Currency Amount (S)
1 XS0974363557 (*) 5-Nov-13 5-Nov-18 USD 300,000,000
2 XS1298404127 2-Oct-15 2-Oct-25 USD 50,000,000
3 XS1309419668 22-Oct-15 22-Oct-30 USD 50,000,000
4 XS1477135096 26-Aug-16 26-Aug-26 USD 50,000,000
5 XS1483966476 1-Sep-16 16-Aug-19 USD 100,000,000
6 XS1557988315 2-Feb-17 2-Feb-27 USD 50,000,000
7 XS1650420265 26-Jul-17 26-Jul-32 USD 50,000,000
8 XS1655853130 31-Jul-17 31-Jul-27 USD 50,000,000
9 XS1662685756 11-Aug-17 11-Aug-32 USD 50,000,000
10 XS1668470013 18-Aug-17 18-Aug-32 USD 40,000,000
11 XS1685577287 29-Sep-17 29-Sep-22 USD 100,000,000
12 XS1787595666 (*) 7-Mar-18 7-Mar-28 USD 300,000,000
13 XS1909387943 (*) 15-Nov-18 15-Nov-21 USD 300,000,000
14 XS2051060817 (*) 10-Sep-19 10-Sep-24 USD 300,000,000

(*) denotes public issues

Euro Commercial Paper

Irrevocably and unconditionally guaranteed by the Government of Singapore, the US$500 million Euro-Commercial Paper Programme is rated P-1 by Moody’s and A-1+ by S&P. Established since 2014, the ECP market provides competitive short-term funding access and complements Clifford Capital’s funding base.

For further information on the Euro Commercial Paper Programme, please see:

Information Memorandum
Moody's ECP Programme Rating
S&P ECP Programme Rating

The current ECP programme dealers are Bank of America Merrill Lynch, Barclays, Citibank, and UBS.