SCRIPT OF INTERNATIONAL MONETARY –

FINANCIAL DIALOGUE
GROUP 5
Class: International Economics 61A
Type of Education: AEP
Members:
Trần Đăng Minh Quân - 11194365
Phan Như Quỳnh - 11194512
Phạm Thị Minh Tâm – 11194603
Nguyễn Thị Thắm - 11194647
Phí Thị Minh Ngọc - 11193845
Đặng Khánh Nam - 11193547
Nguyễn Hồng Nhung - 11194049
Phùng Hữu Duy Phong - 11194146

Australia Singapore
Head of CEO & Managing Head of Finance Minister –
delegation director – Scarlett delegation Lee Wei Ling
Witch (Phạm Thị Minh
(Nguyễn Hồng Tâm)
Nhung)
Deputy chief of Executive vice Deputy chief of Deputy Minister
delegation 1 president strategy – delegation 1 of Finance – Lin
Harley Quinn (Phí Lifan (Phan Như
Thị Minh Ngọc) Quỳnh)
Deputy chief of Chief commercial Deputy chief of Minister of
delegation 2 officer - Richard delegation 2 Foreign Affairs –
Harris Yang Wei Ling
(Đặng Khánh (Nguyễn Thị
Nam) Thắm)
Deputy chief of Financial expert – MC – Adam
 delegation 3 Adam Smith Khoo (Trần Đăng
(Phùng Hữu Duy Minh Quân)
Phong)

CONTENT: MONETARY – FINANCIAL DIALOGUE on

buying bond of Australia by Singapore
Location: Suntec Singapore Convention & Exhibition Centre
National anthem of the Commonwealth of Australia: Advance Australia Fair
National anthem of Singapore: Majulah Singapura
Time: 15 p.m, 25th, August, 2021
Background: At 15 p.m on 25th, August 2021, two DIALOGUE groups, Australia
and Singapore, were present at Suntec Singapore Convention & Exhibition Centre.
The two sides of the DIALOGUE group introduced their members and shook
hands and greeted. The two sides then took their positions. The following will be
the details of the DIALOGUE.
Singapore is known as the “dragon” of Asia with prosperous development,
particularly in the economic field. Singapore's economy is a highly developed free
market economy and ranks as the most open economy in the world with the third
lowest level of corruption. This is the country with the largest enterprises operating
in the country thanks to its low tax rate. Along with that, the country's GDP per
capita is the third highest in the world by purchasing power parity (PPP).
Meanwhile, Australia is a wealthy country with the 12th largest market economy
in the world, a relatively high GDP per capita, and a relatively low poverty rate.
This nation is also the world's largest coal exporter, accounting for 29% of the
world's total coal exports and one of the largest exporters of minerals, energy and
agricultural products. Undoubtedly, Australia is considered as the most open
economy in the world, the most dynamic development among industrialized
countries.
CSL Limited is the biggest biotechnology company of Australia with a long
history dating back to 1916, an Australian government agency engaged in vaccine
development. The company was privatized in 1994 and focuses on areas such as
plasma derivatives, cell cultures, vaccines and genetic research. CSL produced the
world's first swine flu vaccine in 2009 and has designed a range of other products
for immunity, bleeding treatment, critical care and wound healing.
The sincerity in cooperation between Singapore and Australia has made the
cooperation of the two countries a model worth learning for other countries in the
international arena. Trade and business ties between Australia and Singapore are
strong. Singapore is Australia's largest trade and investment partner in ASEAN and
our sixth largest trading partner overall ($27 billion in two-way trade in 2020).
Both Singapore and Australia recognize the importance of innovation to create
modern and dynamic economies. Singapore is a world leader in building a
supportive, flexible environment for emerging businesses and Australia has a
world-class research system and outward-looking creative, businesses that are
ready to collaborate internationally.
National anthem of the Commonwealth of Australia: Advance Australia Fair.
National anthem of Singapore: Majulah Singapura.

MC: Good afternoon Ladies and Gentlemen, let me introduce myself, my name is
Adam Khoo. I am the host of the DIALOGUE today. I am very pleased to
welcome everyone to the MONETARY - FINANCIAL DIALOGUE on trading
bond between Singapore and Australia, we hope that the negotiation session will
take place out to great success.
This side is the Australia delegation, CSL Limited company, I would like to
introduce the Head of the Australia delegation, CEO & Managing director Scarlett
Witch and three deputy chiefs of the Australia delegation: Executive vice president
strategy Harley Quinn, Chief commercial officer Richard Harris and Financial
expert Adam Smith. Let's give them a nice round of applause (xin 1 tràng vỗ tay)
And the other side is Singapore delegation, I would like to introduce the Head of
Singapore delegation, Finance Minister Lee Wei Ling and two deputy chiefs of
Singapore delegation: Deputy Minister of Finance Lin Lifan and Minister of
Foreign Affairs Yang Wei Ling. Give them a big round of applause please.
Please pay attention to the negotiation will begin now.
The Singapore delegation please speak!
 Minister of Thank you, Mr. Khoo. To be honest, we are very grateful and delighted
Foreign Affairs to welcome Australia CSL Limited company today. I hope that we will
– Yang Wei have an effective discussion and cooperation.
Ling (Nguyễn
Thị Thắm)
CEO & We are very pleased to meet you. According to our company’s goal at
Managing the beginning of next year, we will continue to discuss the issue of
director – trading bonds between your government and our company. Have you
Scarlett Witch received our document yet?
(Nguyễn Hồng
Nhung)
Minister of Yes Madam, we have. Thank you. I hope we can reach an agreement
Foreign Affairs today, but we still have a few unsolved questions that we would like to
– Yang Wei clarify.
Ling (Nguyễn
Thị Thắm)
CEO & Madam, it’s our responsibility to answer all your questions. In this bond
Managing issue, we will spend all the money on the project of producing vaccine
director – UQ-CSL V451 and antiviral drug Immunoglobulin for Covid-19. Based
Scarlett Witch on the close bilateral partnership between our countries, our corporation
(Nguyễn Hồng as well as the Australian government share the view that Singapore is a
Nhung) leading partner for us in this project.

Finance We highly appreciate your recognition. We are glad that you will be able
Minister – to produce your own vaccine UQ-CSL V451 and antiviral drug
Lee Wei Ling Immunoglobulin for Covid-19 in the near future. However, we also have
(Phạm Thị Minh a lot of concerns about your project. And our main concern is the
Tâm) posibility of success of this project because it will have a strong impact
on investors whether to buy your bonds or not.
We would like to know how many doses of vaccine UQ-CSL V451 and
you will produce and especially further information about your antiviral
drug for Covid-19? Could you please clarify this point for me?

Chief Yes Madam, we plan to produce 100 million doses of the vaccine UQ-
commercial CSL V451 by the beginning of 2022 for Australians who have not been
officer - Richard vaccinated and some countries in Asia; and 70000 doses of antiviral
Harris drug COVID-19 Immunoglobulin for severe cases in our country. We
(Đặng Khánh will provide you the profile with detail now. We propose to issue 95,6
Nam) million five-year bonds with purchase price of 121,37 USD, coupon
rate 5% and yield to maturity is 0,644%.
 Coupo Bond Price at different Yields
n rate -100 -50 bp -25 bp 0,644% +25 +50 +100
bp bp bp bp
5% 127,0 124,1 122,7 121,37 119,9 118,64 115,98
7 8 6 9

The hightlighted column contains prices at the current market yield.

Other columns refers to hypothetical yield variations (100 bp = 1%)

Finance As far as your proposal is concerned, we think that the high coupon rate
Minister – also means the high risk. We are wondering about the possibility of the
Lee Wei Ling project's success.
(Phạm Thị Minh
Tâm)
Chief We sympathetically understand your concern, especially when Covid-19
commercial is going on seriously and there are some countries in the world
officer - Richard producing vaccines, which create a certain competition among countries
Harris and corporations producing vaccines upcoming. However, we can
(Đặng Khánh extremely guarantee the right quality of vaccine and drug COVID-19
Nam) Immunoglobulin to deal with as many strains of virus SARS-CoV-2 as
possible and our revenue.

Finance How can you ensure about that?

Minister –
Lee Wei Ling
(Phạm Thị Minh
Tâm)
Executive vice Typically, last year we produced 30 million doses of the vaccine UQ-
president CSL V451 and have successfully used it on Australians. Therefore,
strategy – several countries had ordered our vaccines and used for their nations
Harley Quinn efficiently so you can rely on us. In addition, pioneering to produce
(Phí Thị Minh antiviral drug COVID-19 Immunoglobulin can be a challenge for us, but
Ngọc) with our group of leading research experts and your trust, we will
cherish this opportunity and certainly try our best. We can guarantee our
 profitable results and your coupon rate and yield.

Deputy Minister Madam, definitely we look forwards to seeing your success. Could you
of Finance – Lin can give us some time to discuss, please?
Lifan (Phan
Như Quỳnh)
Financial expert Of course, Madam
– Adam Smith
(Phùng Hữu
Duy Phong)

Singpore delegation after finishing the discussion

Finance Minister – After our throughout discussion, we have come to a conclusion
Lee Wei Ling (Phạm that we would like to buy 75% of your bonds at your issued
Thị Minh Tâm) purchase price of 121,37 USD. In returns, we hope that you can
reduce your coupon rate of 5% down to 3% and we look forward
to receiving 3 million doses of vaccine UQ-CSL V451 along with
one million doses of COVID-19 Immunoglobulin by the end of
this year. Please consider our suggestion.
Financial expert – Since this is an important matter, we would like to have some
Adam Smith (Phùng time to discuss about it.
Hữu Duy Phong)

Autralia delegation after finishing the discussion

Financial expert – After discussing and approving of the plans, we would like to agree
Adam Smith (Phùng to the reduction of 2% coupon rate instead of providing Singapore
Hữu Duy Phong) with 3 million doses of vaccine by the end of this year.
We think that this is a very reasonable suggestion.
However, we still have one quesion: Are you sure that you only
want 3 million doses? Since the population of Singapore is more
than 5 million and you will need around 4 million doses to be able
to achive herd immunity.
 We are willing to provide you with 4 million doses of vaccine in
exchange for a small rate of tax reduction on the medical related
products that our corporation export to Singapore.
Please have our suggestion considered.
Deputy Minister of Thank you for your concern and your suggestion. But we only need
Finance – Lin Lifan 3 million doses of vaccine since we believe that combining
(Phan Như Quỳnh) different kinds of vaccines would bring us better results and better
immunity after injection. That is why we only need 3 million
doses.
CEO & Managing We understand that, Madam. Once again, we are pleased with this
director – Scarlett cooperation. We hope that in the future, we will continue to
Witch develop and cooperate more. We can begin to sign right now.
(Nguyễn Hồng
Nhung)
Deputy Minister of It is our honor. Thank you for this cooperation. Hope that the two
Finance – Lin Lifan sides will have a long-term sustainable cooperation for mutual
(Phan Như Quỳnh) development, if there is any problem we can sit on the negotiating
table to settle in the most favorable way for the two sides. This is a
draft document that I have prepared at the request of both sides.
Please have a look, if nothing changes we can sign right now.
CEO & Managing It is our honor as well. We hope that our partnership will be
director – Scarlett successful. Thank you for your cooperation.
Witch
(Nguyễn Hồng
Nhung)
MC – Adam Khoo Ladies and Gentlemen, MONETARY - FINANCIAL
DIALOGUE is finished thank for your participation, I am very
honored to inform that the signed contract will be published to
Prime Minister of Singapore Ly Hien Long and Prime Minister of
Australia federal goverment Scott Morrison, 30 minutes after the
MONETARY - FINANCIAL DIALOGUE session. Thank you.
SHAKE HANDS
Summation on agreement by DIALOGUE:
1. Singapore government agreed to buy 71,7 million five-year bonds
of Australia CSL Limited company with purchase price 121,37 USD,
coupon rate 3% and yield to maturity 0,644%.
2. Australia will sell first 3 million doses of Covid-19 vaccine
produced to Singapore.