Hyflux

[D123]

the interest rate on the loan in 2008 can't be used as the benchmark. the yield would be the new interest rate applied if Hyflux is going to refinance the same loan.

so nothing wrong to use yield instead of original interest rate as benchmark.

The MTN program was established in 2008, but actual debt issued from the program was done progressively over the past 2 years. Interest rates are fixed at the time of the credit being drawn. Between Dec 2009 and Dec 2010, they still managed to issue $75mn worth of debt from this program at only 4% - 5.68%.