03
In 2025, the Fund reinforced its role as a core enabler of the Fund’s institutional strength.
With a mandate to support business
through funding, robust liquidity management and disciplined balance sheet oversight, 2025 marked a significant transition in market positioning.
The Fund successfully evolved from a sporadic borrower into a sophisticated issuer and a core Sovereign, Supranational, and Agency (SSA) holding for global accounts. In doing so, it transitioned from a price-taker to a reference point in its funding segments, reflecting deepened market confidence in its credit profile, funding strategy, and governance-led capital management framework.
As of year-end 2025, total assets reached a record USD 13.42B, underscoring sustained growth across business lines.
The Fund manages USD 5.473B in its
Treasury portfolio, representing approximately 41% of total assets. The portfolio composition reflects a disciplined liquidity framework:
Cash and Cash Equivalent
(6%)
$332Mn
HQLA & Money Market Placements
(60%)
$3,263Mn
Treasury
Investments
(34%)
$1,876Mn
This allocation supports
liquidity resilience while preserving flexibility to respond to market conditions.
Funding Activity and Capital Market Presence
The Fund was highly active in primary capital markets during 2025, successfully closing four public issuances.
Funding was diversified across USD, EUR, and GBP, reinforcing multi-currency flexibility. The Fund also extended its funding curve by issuing its first-ever 7-year tenor, alongside 2-, 3-, 5-, and 5.5-year maturities.
This extension broadened access to long-duration investors and strengthened balance sheet stability.
Issuance activity was primarily executed through Reg S-only offerings (targeting international investors outside the U.S.) and Formosa issuances (accessing Taiwanese institutional demand), complemented by opportunistic private placements secured at attractive pricing.
Collectively, these activities reflect a disciplined and increasingly strategic market engagement approach.
Investor Diversification and
Market Reach
Market engagement in 2025 significantly expanded the Fund’s global footprint.
All issuances were well received, with strong participation from high-quality institutional investors, including central banks, sovereign wealth funds, supranational institutions, and agencies.
Investor participation spanned MENA, Asia, UK/Europe, Africa, and the Americas, including expanded interest from Latin American and Asia-based institutions.
This diversification reinforces the Fund’s positioning as a credible and increasingly global SSA issuer.
Throughout 2025, the Fund maintained
a strong and resilient liquidity position
supported by a diversified funding base and a robust pool of high-quality liquid assets.Liquidity risk was actively managed using industry best-practice tools, including:
Cash-flow maturity mismatch analysis
Liquidity
stress
testing
Internal
liquidity
metrics
Balance sheet oversight focused on managing interest rate risk in the banking book arising from repricing mismatches between assets and liabilities. Risk was assessed from both economic value and earnings perspectives, supported by sensitivity analysis and scenario-based stress testing.
Foreign exchange exposure was managed within clearly defined limits, using value-at-risk, sensitivity analysis, and stress testing to monitor consolidated FX and interest rate risk.
These frameworks ensure that growth in scale is matched by disciplined financial risk governance.
Looking ahead
The forward focus of the Fund will emphasize:
01
Balance sheet optimization
02
Funding diversification
03
Exploring new markets and extending the issuance curve
04
Assessing opportunities for market expansion, including potential Panda bond issuances
As the Fund advances into its next chapter, Treasury & Capital Markets remains central to preserving liquidity resilience, maintaining investor confidence, and securing cost-efficient capital to support institutional growth.
Growth and Impact
Expanding Impact Across the Energy Value Chain
