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Transcript of Temasek Financial (I) Limited - hsbc.com.tw · PDF file HSBC Morgan Stanley Dealers Barclays...

  • Offering Circular

    Temasek Financial (I) Limited (Incorporated with limited liability under the laws of Singapore)

    (Company Registration Number: 200408713K)

    US$20,000,000,000 Guaranteed Global Medium Term Note Program unconditionally and irrevocably guaranteed by

    Temasek Holdings (Private) Limited (Incorporated with limited liability under the laws of Singapore)

    (Company Registration Number: 197401143C)

    On September 14, 2005, Temasek Financial (I) Limited (the “Issuer”) and Temasek Holdings (Private) Limited (the “Guarantor”) established a Guaranteed Global Medium Term Note Program (as amended and supplemented from time to time, the “Program”) and issued an offering circular describing the Program. The maximum aggregate principal amount of Notes (as defined below) outstanding from time to time under the Program (the “Program Limit”) was initially set at US$5,000,000,000. The Issuer and the Guarantor increased the Program Limit to US$10,000,000,000 on February 3, 2010, and this was further increased to US$15,000,000,000 on July 12, 2013 and to US$20,000,000,000 on July 16, 2018. This Offering Circular supersedes all previous offering circulars and any supplements thereto. Any Notes issued under the Program on or after the date of this Offering Circular are issued subject to the provisions described herein. This does not affect any Notes already issued.

    Under this Program, the Issuer may from time to time issue notes (the “Notes”) unconditionally and irrevocably guaranteed (the “Guarantee”) by the Guarantor. The aggregate principal amount of Notes outstanding will not at any time exceed US$20,000,000,000 (or the equivalent in other currencies), unless such amount is otherwise increased pursuant to the terms of the Program.

    Application has been made to the Singapore Exchange Securities Trading Limited (the “SGX-ST”) for permission to deal in and quotation of any Notes which are agreed at the time of issue thereof to be so listed on the SGX-ST. Such permission will be granted when such Notes have been admitted to the Official List of the SGX-ST.

    Unlisted series of Notes may also be issued pursuant to the Program. The relevant Pricing Supplement (as defined herein) in respect of any series of Notes will specify whether or not such Notes will be listed on the SGX-ST or any other stock exchange. There is no assurance that the application to the SGX-ST for the listing of the Notes will be approved. Admission to the Official List of the SGX-ST and quotation of any Notes which are agreed at the time of issue thereof to be so listed on the SGX-ST are not to be taken as an indication of the merits of the Issuer, the Guarantor, their respective subsidiaries (if any), their respective associates (if any), the Program or such Notes. The SGX-ST assumes no responsibility for the correctness of any of the statements made or opinions expressed or reports contained in this Offering Circular.

    See “Investment considerations” beginning on page 16 for a discussion of certain considerations in connection with an investment in the Notes.

    Neither the U.S. Securities and Exchange Commission, any state securities commission in the United States or any other U.S. regulatory authority has approved or disapproved of the Notes and the Guarantee or passed upon the accuracy or adequacy of this Offering Circular. Any representation to the contrary is a criminal offense in the United States.

    The Guarantor has been assigned an overall corporate credit rating of “Aaa” by Moody’s Investors Service, Inc. (“Moody’s”) and “AAA” by S&P Global Ratings, a division of The McGraw-Hill Companies, Inc. (“S&P”). Each series of Notes issued under the Program may be rated or unrated. Where a series of Notes is rated, such credit rating will not necessarily be the same as credit ratings assigned to the Guarantor. A credit rating is a statement of opinion and is not a recommendation to buy, sell or hold the Notes and may be subject to suspension, revision or withdrawal at any time by the assigning credit rating agency. The Notes and the Guarantee have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws in the United States or any other jurisdiction, and the Notes may include notes issued in bearer form (“Bearer Notes” comprising a “Bearer Series”), which are subject to certain U.S. tax law requirements. The Notes may be offered and sold (i) in the United States only to “qualified institutional buyers” (“QIBs”) as defined in Rule 144A under the Securities Act (“Rule 144A”) or to Institutional Accredited Investors (as defined herein), in each case in transactions exempt from registration under the Securities Act and/or (ii) outside the United States to non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act (“Regulation S”). Any series of Notes may be subject to additional selling restrictions, including restricting offers or sales in the United States or to U.S. persons, or restricting purchasers of such Notes in the United States or that are U.S. persons (as defined in Regulation S) to QIBs that are also “qualified purchasers” (“QPs”) as defined in the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”). The relevant Pricing Supplement in respect of such series of Notes will specify any such restrictions. Subject to certain exceptions, the Notes may not be offered, sold or, in the case of Bearer Notes, delivered within the United States or to, or for the account or benefit of, U.S. persons. See “Notice to purchasers and holders of Registered Notes and transfer restrictions” and the relevant Pricing Supplement.

    Arrangers

    Deutsche Bank Goldman Sachs (Singapore) Pte. HSBC Morgan Stanley Dealers

    Barclays BNP PARIBAS BofA Merrill Lynch Citigroup

    Credit Suisse DBS Bank Ltd. Deutsche Bank Goldman Sachs (Singapore) Pte.

    HSBC J.P. Morgan Morgan Stanley Standard Chartered Bank

    Standard Chartered Bank (Singapore) Limited

    July 16, 2018

  • Table of Contents

    Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

    Investment considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

    Exchange rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

    Use of proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

    Capitalization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

    Selected financial and other data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

    Management’s discussion and analysis of financial condition and results of operations . . . . . . . . . 33

    Business of Temasek . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42

    Board and management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

    The Issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65

    Description of the Notes governed by New York law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66

    Terms and conditions of the Notes governed by Singapore law . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83

    Terms and conditions of the Notes governed by English law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114

    Form of Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148

    Certain tax considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150

    Benefit plan investor considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163

    Plan of distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165

    Notice to purchasers and holders of Registered Notes and transfer restrictions . . . . . . . . . . . . . . . 174

    Legal matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185

    Credit Ratings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186

    Independent public accountants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187

    Index to consolidated financial statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188

    Annex A — Global clearance and settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-1

    Annex B — Form of Pricing Supplement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-1

    Annex C — Constitutional safeguards .