Today, Temasek Holdings is not just a shareholder of companies headquartered in Singapore, but a commercially oriented global investor. Less than a quarter of its net portfolio value is in Singapore, while 42% is in the rest of Asia and the remaining elsewhere.

The proportion of Singapore-based companies is likely to fall over time due to the slowing growth of the companies, and Temasek’s increased focus on investments in the rest of the world, and pivot into fast-growing sectors such as technology and life sciences, where targets frequently include those outside the country.

However, Temasek-linked companies (TLCs) continue to be the most important issuers within the $103 billion Singapore corporate bond market.

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