“Notes issued under the Euro-Commercial Paper Programme (“ECP Programme”) may not be offered or sold within the United States.
(a) The Information Memorandum pursuant to the ECP Programme, and (b) 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 medium term notes, 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.
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.
For more information on the fixed-rate note offering, please see:
HSBC and Standard Chartered Bank are the Joint Lead Managers for the transaction.
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.
For more information on the ECP programme, please see:
Moody's ECP Programme Rating
S&P ECP Programme Rating
Our current ECP programme dealers are ANZ, BRED, Citigroup and UBS.