Temasek Holdings
From Taighde
| Temasek Holdings | |
|---|---|
| |
| Country: | Singapore
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| Chairman: | S Dhanabalan
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| CEO: | Ho Ching
|
| Inception: | 1974
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| Origin: | Non-commodity
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| Assets: | $160 billion
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| Website: | http://www.temasekholdings.com.sg/
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| Reports | Sovereign Wealth Funds Contact and Information Report |
Temasek Holdings is a Sovereign Wealth Fund based in Singapore. Temasek has over $160 billion in assets and it is the 6th biggest SWF. It was created in 1974 with S$354 million
Although Temasek Holdings is accountable to its shareholder, the Singapore government, for overall performance, investment, business and commercial decisions are the responsibility of the Temasek Holdings board and management. However, Temasek does not consider itself a Sovereign Wealth Fund. According to a spokesman, "Temasek is not a sovereign wealth fund...Temasek has to sell assets to raise cash for new investments and doesn't require the government to give approvals.[1]"
Contents |
Management
Board of Directors
- For the most up-to-date list, see Temasek's website
| S Dhanabalan | Chairman |
| Ho Ching | Executive Director & CEO |
| Teo Ming Kian | Director |
| Goh Yew Lin | Director |
| Kua Hong Pak | Director |
| Marcus Wallenberg | Director |
| Michael Lien | Director |
| Cheng Wai Keung | Director |
| Lim Boon Heng | Director |
Senior Management
| Ho Ching | Executive Director & CEO |
| Tan Chong Lee | Chief Investment Officer
Co-Head, Americas |
| Boon Sim | President, North America
Co-Head, Americas Co-Head, Europe Co-Head, Credit Portfolio |
| Gregory Curl | President
Head, Americas |
| John Cryan | President, Europe
Head, Africa Head, Portfolio Strategy |
| Rohit Sipahimalani | Co-Chief Investment Officer
Head, India Co-Head, Middle East |
| Lee Theng Kiat | President & General Counsel
Head, South East Asia Co-Head, India |
| Chan Wai Ching | Senior Managing Director, Leadership Development & Compensation |
| Cheo Hock Kuan | Head, Organisation & Leadership
Co-Head, China |
| Chia Song Hwee | Head, Strategy
Head, Credit Portfolio Co-Head, Portfolio Management Co-Head, China Co-Head, Singapore |
| Ding Wei | Head, China |
| Goh Yong Siang | Head, Strategic Relations
Head, Australia & New Zealand Co-Head, Organisation & Leadership Co-Head, South East Asia |
| Nagi Hamiyeh | Senior Managing Director, Investment
Head, Middle East Co-Head, Africa |
| David Heng | Senior Managing Director, Investment
Co-Head, South East Asia |
| Leong Wai Leng | Chief Financial Officer |
| Dilhan Pillay Sandrasegara | Head, Portfolio Management
Head, Singapore Head, Private Equity Funds Investment Co-Head, Europe |
Former Employers
See full list of former Employees
| Frank Tang | Senior Managing Director for Investment, China | Left in November 2007 to start his own investment fund, FountainVest |
| Jimmy Phoon | Senior Managing Director and Chief Investment Officer | Left in September 2007 for personal reasons. |
Investments
By year
By sector
Oil & Gas · Basic Materials · Industrials · Consumer Goods · Health Care · Consumer Services · Telecommunications · Utilities · Financials · Technology
| Sector[1] | 2012 | 2011 |
|---|---|---|
| Financial Services | 31 | 36 |
| Telecommunications, Media & Technology | 24 | 22 |
| Transportation & Industrials | 21 | 23 |
| Life Sciences, Consumer & Real Estate | 12 | 11 |
| Energy & Resources | 6 | 3 |
| Others | 6 | 5 |
By Geography
| Region[1] | 2012 | 2011 |
|---|---|---|
| Asia ex-Singapore | 42 | 45 |
| Singapore | 30 | 32 |
| Australia & New Zealand | 14 | 12 |
| North America & Europe | 11 | 8 |
| Africa, Central Asia & the Middle East | 2 | 2 |
| Latin America | 1 | 1 |
Capital Raising
Temasek had to raise investment capital in 2009 by selling bonds. Temasek held its first bond sale in four years on October 20, 2009. It sold $1.5 billion of 10 year bonds. Temasek had its second bond sale in November 2009, selling $500 million worth of 30 year bonds at a 5.441% rate. Speculation of a new large capital raising came up in January 2010. According to the Wall Street Journal, Temasek wants to raise capital by a bond sale in the range of $2 billion to 3 billion. [2] Another bond sale occurred in early February 2010 which raised $703.7 million (S$1 billion). The 10 year bond was offered at 40 basis points above Singapore dollar swap offered rate. The bond, which is rated tripe A, will yield 3.265%.
Temasek is rumored to be starting a new bond program in the latter half of 2011. [3]
| Date | Amount | Length | Coupon |
|---|---|---|---|
| November 2009 | S$500 million | 30 years | 5.441% |
| February 8, 2010 | $703.7 million (S$1 billion) | 10 year | 3.265% |
| March 5, 2010 | $357 million (S$500 million) | 15 year | 3.785% |
| March 5, 2010 | $357 million (S$500 million) | 25 year | 4.0475% |
| July 17, 2010 | £200 million[1] | 12 year | |
| July 17, 2010 | £500 million[1] | 30 year | |
| July 22, 2010 | $726 million (S$1 billion) | 40 year | 4.2% |
| October 2011 | $635 million (S$800 million) | 3 | 0% [1] |
| December 2011 | $467 million (S$600 million) | 0% [1] | |
| July 2012 | $1.2 billion | 10.5-year | 2.466%[4] |
| July 2012 | $500 million | 30 year | 3.502%[5] |
| Currency | Billions | Tenor (years) | Coupon (%) | Yield at Issuance (%) | Issue Date | Maturity Date |
|---|---|---|---|---|---|---|
| USD | 1.75 | 10 | 4.5000 | 4.5750 | 21 Sep 05 | 21 Sep 15 |
| USD | 1.5 | 10 | 4.3000 | 4.3280 | 26 Oct 09 | 25 Oct 19 |
| USD | 0.5 | 30 | 5.3750 | 5.4410 | 23 Nov 09 | 23 Nov 39 |
| SGD | 1.0 | 10 | 3.2650 | 3.2650 | 19 Feb 10 | 19 Feb 20 |
| SGD | 0.5 | 15 | 3.7850 | 3.7850 | 5 Mar 10 | 5 Mar 25 |
| SGD | 0.3 | 20 | 4.0000 | 4.0000 | 7 Dec 09 | 7 Dec 29 |
| SGD | 0.5 | 25 | 4.0475 | 4.0475 | 5 Mar 10 | 5 Mar 35 |
| SGD | 0.3 | 30 | 4.2000 | 4.2000 | 7 Dec 09 | 7 Dec 39 |
| SGD | 1.0 | 40 | 4.2000 | 4.2000 | 2 Aug 10 | 2 Aug 50 |
| GBP | 0.2 | 12 | 4.6250 | 4.6620 | 26 Jul 10 | 26 Jul 22 |
| GBP | 0.5 | 30 | 5.1250 | 5.1550 | 26 Jul 10 | 26 Jul 40 |
Euro Commercial Paper Programme
Temasek Holdings has a euro commercial paper programme. The programme allows Temasek to raise capital quickly. The paper or bonds would generally last no longer than 9 months and be priced in euros. The programme was announced in February 2011. [6][7]
Injections from Singapore Government
Temasek will occasionally receive capital injections from the Singapore Government for specific projects, usually ones that are commercially less viable but are politically significant for the government. Most recently, Temasek's projects with Khazanah Nasional in M-S Pte Ltd and Malaysian Wellness township were given money from the government.
Offices
Will open an office in Brazil during 2008.
Notes
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