Temasek Bond T2023, SSB and SGS bonds are all bonds guaranteed by the Government of Singapore, therefore the risk profiles should be similar. For retail investors, the T2023-S$ Temasek Bond will be issued in denominations of S$1,000. Alternatively, you may wish to contact the Temasek Investor Relations team via Singapore Savings Bond 2018 Dec 2.97%pa – Should You Buy? The same is true for SGS bonds that are publicly traded. Temasek Bond T2023-S$ is Temasek’s first-ever SGD-denominated bonds that will be listed on SGX. No, you may only sell the T2023-S$ Temasek Bond in the secondary market. A plain vanilla bond, such as the T2023-S$ Temasek Bond, is typically for a fixed period, called the tenor, and for a fixed interest rate, called the coupon. Ltd., an indirect wholly-owned subsidiary of Azalea Asset Management, which in turn is a wholly-owned subsidiary of Temasek. The interest rate for the T2023-S$ Temasek Bond had similarly been determined based on bids from institutional, accredited and other specified investors in a book building process. Temasek Bond T2023-S$ marks the 17th time Temasek has issued bonds. First up is Indian financial services provider HDFC Bank Limited (NYSE:HDB). They may also apply via Internet banking or the mobile banking apps of DBS or POSB. Companies with bonds listed on the Singapore Exchange are also subject to the obligation to disclose information which may have a material effect on the price or value of its bonds, among other things. You will see these signs in the following observations. The interest payments and principal amount of the T2023-S$ Temasek Bond are not affected by its price in the secondary market. No PRIIP KID available. If you buy the T2023-S$ Temasek Bond after the record date and before the interest payment date you will not be entitled to receive the interest payment on such interest payment date. The SGS 5Y benchmark is 2.33% as of 17 Oct. You will be getting 0.48% pa more interest with Temasek Bond T2023 than SSB Nov 2018, or 0.37% pa more than SGS 5Y bonds. Temasek would then determine the bond interest rate via a book building process, based on the bids in this market-based price discovery exercise. A bond's YTM is the internal rate of return required for the present value of all the future cash flows of the bond (face value and coupon payments) to equal the current bond price, as follows: You may wish to consult your own investment, business, financial, legal, tax or other professional advisers prior to using the results of the calculator, or if you have any questions. The offering of the Astrea V PE Bonds represents a continuing step by Azalea to bring retail investors in Singapore closer to private equity through listed retail PE bonds. If you were to comapre the interest rates in Nov 2018, the annualised interest rate offered by temasek bond is 2.70%, which is higher than SSB's interest rate of 2.22%. A corporate action may have an impact on investors because it can affect the market price of bonds. October 18, 2018 Amy Singapore Corporate Bonds, Singapore Government Bonds 0. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. You may find more trading and pricing information of the T2023-S$ Temasek Bond here. It is also not clear if there will be market making provided by Temasek for these bonds. Bond buyers have the option of investing in these higher interest rate bonds. Yes, Temasek unconditionally and irrevocably guarantees all interest payments of the T2023-S$ Temasek Bond and full repayment of the principal amount at maturity, whether or not the bond was purchased during the offer or on the secondary market. Cash You may also choose to look at other measures of returns for bonds, including: 2) Taking into account capital and interest gains. The interest amount is fixed at 2.70% per year while 100% of the principal amount, and the last interest payment, will be paid on the maturity date (25 October 2023). The principal amount is the sum that you will receive upon maturity of the T2023-S$ Temasek Bond. Below, you will also see the 5-year interest rates offered by Temasek Bond T2023 vs Singapore Savings Bond issues and SGS Bonds traded prices over the last 6 months. Application for a CPF Investment Account via a CPF Investment Scheme (CPFIS) agent bank: Once the principal amount of a bond is repaid at maturity and the issuer redeems the bond, the bond no longer exists. So long as you hold the T2023-S$ Temasek Bond as of the fifth (5th) business day before the interest payment date (record date), the interest received at the end of every 6-month interest period is calculated as follows: In both, they are replacing almost half of their borrowings with issued bonds paying lesser interest expense. Conditions for using CPF Savings to invest in T2023-S$ Temasek Bond However, based on the share price of $5.74 on 31 March 2020, the ex-rights price will be even lower at S$4.10. Please see the table below for key information on the T2023-S$ Temasek Bond. The market price of the T2023-S$ Temasek Bond may be above or below its issue price, depending on market conditions at the time, such as supply and demand, general market conditions and other factors. Mondays to Fridays – 8.30am to 5pm It enables investors to view and manage their various investments with multiple brokers. Information is available in the Offering Circular and the Pricing Supplement. You can choose to sell your T2023-S$ Temasek Bond in the secondary market and before the maturity date (Wednesday 25 October 2023, if not redeemed earlier by the Issuer). In particular, credit ratings are NOT intended for use by retail investors, and retail investors should NOT consider the credit ratings in making any investment decision. This bond had daily trading volume ranging from 2,000 to 569,000 in the last 30 days. Credit ratings are statements of opinion and are not a recommendation to buy, sell or hold the bond, and investors should perform their own evaluation as to whether the investment is appropriate. Bond’s present value/bond price =. Singapore 138588 Individuals can apply via the ATMs of DBS Bank, POSB, OCBC or UOB. (ii)   Second, it promises to pay you interest at the stipulated annual, half yearly, or quarterly intervals. December 8, 2020, 23:28 •. Corporate actions undertaken by a company can include a range of events, such as new issuances of bonds, redemption of outstanding bonds or a buyback of bonds. The SAQ helps them assess if CPFIS is suitable for them. (* “business day” means a day (other than a Saturday or a Sunday or public holiday) on which banks and foreign exchange markets are open for business in Singapore), The annual interest rate of 2.70% is calculated proportionately as a half yearly rate as follows: (ii)    Completed CDP securities account application form (available here). Please note the calculator takes into account the following assumptions of the T2023-S$ Temasek Bond (“bond”): The calculator is for your convenience only and you have chosen to use it and rely on any results at your own risk. The bonds may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons. By continuing to browse the site you are agreeing to our use of cookies. 100% of the principal amount, and the last interest payment, will be paid on redemption – that is, on the maturity date (Wednesday 25 October 2023). Temasek does not guarantee the performance of the T2023-S$ Temasek Bond in the secondary market. The video below may have relevant highlights for you. Please refer to the relevant bank's CPF Investment Account website for more information: DBS, POSB, OCBC, UOB. But should the bank’s shares hit the exchangeable bond’s trigger level, Temasek’s stake would be reduced to about 17.2 per cent. The snapshot below of trading day 17 Oct shows that the total bond traded value was around S$478,000, which is only 0.1% of the Temasek Bond T2023 issue size of S$400-500 million. Please see the table below for key information on the T2023-S$ Temasek Bond. Secondary Market Purchases after Completion of Offer In the event a “make whole” event is triggered, Temasek will calculate the amount you will be paid, which is the greater of: (i) the present value of remaining interest payments and principal amount; or Even if all the bonds are exchanged for shares, it will retain a 17 percent stake in StanChart. Temasek unconditionally and irrevocably guarantees all interest payments of the T2023-S$ Temasek Bond and full repayment of the principal amount at maturity. So why does Temasek Bond T2023 offer higher interest rates than the rest? 1 Actual coupon payments will vary depending on number of days in each coupon payment period. Singaporeans, PRs and foreigners can apply for the Singapore Savings Bonds. It trades in board lots of S$1,000 in principal amount of the bonds. This is also great news for risk-adverse investors who are looking for quality bonds for investment. The market price of the T2023-S$ Temasek Bond may be above or below its issue price, depending on market conditions at the time, such as supply and demand, general market conditions and other factors. All Temasek Bonds have received the top ratings of Aaa/AAA by Moody’s Investors Service (Moody’s) and S&P Global Ratings (S&P) respectively. Supplement dated 16 October 2018 and the Product Highlights Sheet dated 16 October 2018. Depending on the objectives of an issuer and market interest, a bond issuer may issue bonds with more complex terms, such as variable interest rates. Please note that the offer of the T2023-S$ Temasek Bond has closed as of 23 October 2018. By Joe Parsons HSBC has begun a trial with Singapore Exchange (SGX) and sovereign wealth fund, Temasek, to explore the use of distributed ledger technology (DLT) for the issuance and servicing of fixed income securities. We reserve the right to make additions, deletions or modifications to the calculator at any time without prior notice. SSB May 2020 offers up to 1.91% pa over 10 years. Hence, if you wish to sell your T2023-S$ Temasek Bond before maturity, you may suffer a partial loss on your principal amount if the market price of your T2023-S$ Temasek Bond (at the time of sale) is below your purchase price. They’re issued by a subsidiary of Temasek (which is fairly standard corporate structuring). 1 board lot of the T2023-S$ Temasek Bond comprises S$1,000 in principal amount with the issue price being S$1 per S$1 in principal amount. Sale date should be at least 2 working days after purchase date. CPF Savings refer to your investible CPF Ordinary Account savings They’re backed by the Temasek parent, and they pay a fixed rate of 2.70% per year, bi-annually. Here are 7 things we should know about Temasek Holdings’ T2023-S$ bonds before investing in it. This site uses cookies. Please note the prices shown in the above chart are indicative of the latest sale price of the T2023-S$ Temasek Bond delayed by approximately 2 minutes. Electronic copies of the Offering Circular, Pricing Supplement and Product Highlights Sheet are available here and at the SGX-ST website under the “Prospectus / Circulars / Offer Documents” section under the “Company Information” tab. Get detailed information on Temasek 2.7% 231025XB# (TEKB.SI) including stock quotes, financial news, historical charts, company background, company fundamentals, company financials, insider trades, annual reports and historical prices in the Company Factsheet. Moody's Org ID: 806791556. Ming Feng. You should consult your stockbroker and the relevant bank in which you hold your SRS account with if you wish to purchase the T2023-S$ Temasek Bond from the secondary market after the listing of the T2023-S$ Temasek Bond on the SGX-ST using SRS funds. They will need to log in with their SingPass to attempt the quiz. You would need the following when applying to open a CDP securities account in person: (i)    Your original IC or passport This site uses cookies. This website, and our social media sites, contain information which is for information purposes only. (ii) the amount determined by discounting the principal amount of the bonds plus all required remaining scheduled interest payments due on such bonds at the make whole call reference rate set out in the Pricing Supplement, plus a spread specified in the Pricing Supplement. CPF Savings refer to your investible CPF Ordinary Account savings. A CDP securities account is a securities investment account with the Central Depository of the Singapore Exchange (SGX). The interest rate also depends on other factors such as the tenor and market conditions at the time of the bond issuance. Operating Hours Application for DCS via: More information can be found on DCS here. Even at the peak volume, it is also only 0.2% of offer size.                                   [(Number of days in the 6-month interest period)/365 days of the year] x 2.70%, 1 board lot of the T2023-S$ Temasek Bond comprises S$1,000 in principal amount with the issue price being S$1 per S$1 in principal amount. The T2023-S$ Temasek Bond will mature on Wednesday 25 October 2023. This Frequently Asked Questions page is to be read together with the Offering Circular dated 3 August 2018, Pricing They have tried to sweeten the deal by providing a more attractive interest rate of 0.4-0.5% pa through the option to redeem. All investments carry risks, including investments into bonds. Your refund would have been credited at the end of October 2018 in your CPF Investment Account. The interest amount is fixed at 2.70% per year while 100% of the principal amount, and the last interest payment, will be paid on the maturity date (25 October 2023). The market price of the bonds can change based on the perceived financial strength, the interest rate environment, or investors’ expectations about the company and/or the wider market. This represents interest rate risk. This means that retail investors like you and I will finally be able to buy into such bonds, usually exclusive only to financial institutions and accredited investors. Temasek remains open and flexible to various financing options, including issuing subsequent bonds that are available to retail investors in the future, depending on objectives and market conditions. You may refer to the “Transfer of Securities” section on the Central Depository (CDP) website for more information on the transfer of securities. Bond Calculator Disclaimer We do not guarantee the timeliness, accuracy or completeness of the third party information. Yes, the T2023-S$ Temasek Bond can be sold in the secondary market. (Shin Min Daily News), Allocation Advertisement Do you see any difference? The information on this page, the Offering Circular, Pricing Supplement and Product Highlights Sheet are provided strictly for information only, and should be read as of their respective dates, unless otherwise specified or determined by the context. Why is this so? •  Saturdays: 8.30am to 12pm (Shin Min Daily News), Allocation Advertisement If interest rates rise, the market price of your bond may fall, in order to attract buyers who may have higher interest alternatives. The interest rate of 2.70% per year for the T2023-S$ Temasek Bond, will be paid on or around 25 April and 25 October each year. This is not an offer of securities for sale in the United States. The first thing you should know is the trading volume of retail bonds on SGX is not high. TEMASEK'S first retail bond debuted on Friday, opening at 102.5 Singapore cents to the dollar and touching a high of 102.8 cents before hovering at 102.3 cents at 3.30pm. The fixed interest rate of 2.7 per cent is payable every six months. This makes bond selling more costly than brokers are already charging. Live Pricing Chart Disclaimer   +65 6535 7511 The interest rate on a bond is a function of, among other things, the risk that an investor takes when investing in a bond. If they had completed the SAQ previously, they can log in with their SingPass to check their CPFIS SAQ status. As an illustration, if you had bought 1 board lot of the T2023S$ Temasek Bond with 2 years left to maturity at $0.950 and held it until maturity, with your capital gain at maturity approximately equal to [(S$1.000 x 1,000) – (S$0.950 x 1,000)] = S$50 and total gain at maturity (having received 4 coupon payments) approximately equal to [($50 + ($13.46 + $13.54 + $13.46 +13.54). Bonds are usually considered less risky than stocks but that doesn’t … Rising interest rates are a genuine concern. All things being equal, bondholders of existing bonds, with lower interest rates, may have to reduce their asking price, in order to give a similar effective interest yield to prospective bond buyers. The interest is paid half yearly at the end of every 6 months. The Offering Circular and Product Highlights Sheet are available here and at the SGX-ST website under the “Prospectus / Circulars / Offer Documents” section under the “Company Information” tab. One of the gripes people have about the Astrea IV was that that the Astrea IV was not issued directly by Temasek but is a structured product by the private equity subsidiary.. You may refer to the table below for the indicative interest payment dates – these dates are subject to changes in the public holiday schedule from now to 2023. Let us first start by comparing Temasek Bond T2023 with SSB and SGS bonds as they are all bonds guaranteed by the Government of Singapore. You will receive the interest payments, so long as you continue to own the T2023-S$ Temasek Bond as of the record date for the relevant interest payment. The make whole call allows the Issuer to redeem the T2023-S$ Temasek Bond early before the maturity date by paying bondholders a lump sum “make whole” amount. This is not a surprise given the flattening yield curve over the past year. It offers an annualised interest rate of 2.70%, higher than SSB Nov 2018 that offers 2.22%. Temasek has also underwritten a $9.7 billion issuance of mandatory convertible bonds (MCBs) by SIA; the MCBs will either be converted to shares in 10 years or redeemed before then. The market price of the T2023-S$ Temasek Bond may be above or below its issue price, depending on market conditions at the time, such as supply and demand, general market conditions and other factors. No, the T2023-S$ Temasek Bond is not guaranteed by the Singapore Government. Potential investors should understand the dynamics, risks and opportunities associated before investing in any product, such as the T2023-S$ Temasek Bond. By now you should be having a eureka moment (I hope I succeeded!). CPF Savings refer to your investible CPF Ordinary Account savings Selling your bonds will incur investment losses. Sale date should not be same or earlier than purchase date.    unless previously redeemed and cancelled, or purchased and cancelled, A new bond in the market is definitely welcome news, so should you be excited by this offer? •  Mondays to Fridays: 8.30am to 5pm The redemption amount at maturity will be 100% of the principal amount of the T2023-S$ Temasek Bond, regardless of its prevailing market value. The issue price is S$1,000. You may also choose to look at other measures of returns for bonds, including: The interest amount is fixed at 2.70% per year while 100% of the principal amount, and the last interest payment, will be paid on the maturity date (25 October 2023). Please also consult your own investment, business, financial, legal, tax or other professional adviser before investing. To Speak To CDP Customer Service Officers However, HDFC has consistently outperformed by responsibly growing its user base in a country that still has millions of unbanked individuals, while also being disciplined in terms of which corporations and in… Temasek had a net portfolio value of S$313 billion as of March 31, 2019, up 1.6% from the year prior. (ii) the principal amount. : Fixed rate of 2.70% per year, payable every six months, : Wednesday 25 October 2023, redeemed at 100% of principal amount, There is no doubt about its credit profile and its superb historical performance. 1) Yield-to-maturity (YTM), by far the most widely used return measure in the bond market, combines the coupon payments of a bond and the capital gain/ loss from holding the bond to maturity CDP Website  (The New Paper), Allocation Advertisement To invest in the T2023-S$ Temasek Bond, you will need a CDP securities account linked to a Direct Crediting Service (DCS) bank account or your Central Provident Fund (CPF) Investment Account in order for your interest payments to be credited to your bank account. Once you have sold the T2023-S$ Temasek Bond, you will no longer own the bond and hence will not receive subsequent interest payments. They have not issued bonds since 2016. 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