Temasek Holdings plans to launch a three-tranche offering including 10-year, 20-year and 40-year U.S. dollar bonds, Singapore’s state-owned investment company said in a filing to SGX Monday.
The net proceeds of the bonds, which will be issued under Temasek’s US$25 billion guaranteed global medium term note program, will be used to fund the investment company’s ordinary business, the filing said.
Temasek will apply to list the bond on SGX.
S&P Global Ratings assigned the offering an AAA long-term issue rating.
“We rate the proposed senior notes the same as our long-term issuer credit rating on Temasek, because we do not view the company’s capital structure as having any material subordination risks,” S&P said in a statement Monday.
“The rating on Temasek reflects the company’s large, well-diversified, and high-quality portfolio assets; above-average investment capabilities; and minimal leverage. In addition, we see an extremely high likelihood of extraordinary support from the government of Singapore, if needed,” S&P added.
Temasek has been assigned an overall corporate credit rating of Aaa by Moody’s Investors Service.