UPDATE: Temasek launches 50-year Singapore dollar bond offer, price guidance

Singapore 50 dollar bill

This item was originally published on Tuesday, 10 August 2021 at 10:04 a.m. SGT; it has since been updated to include details from a client note seen by Shenton Wire. 

Singapore state-owned investment company Temasek has launched an offering of a 50-year T2071-SGD (Singapore dollar) Temasek bond via its subsidiary Temasek Financial (I).

The pricing is likely to be around 2.85 percent, according to a client note seen by Shenton Wire. The issue size could be at least S$500 million.

The T2071-SGD Temasek bond will be issued under Temasek Financial I’s US$25 billion guaranteed global medium-term note program and will be guaranteed by Temasek, the investment company said in a filing to SGX Tuesday.

The funds raised are earmarked to fund Temasek’s ordinary course of business, the filing said.

Moody’s Investors Service has assigned an overall credit rating of Aaa to Temasek, while S&P Global Ratings has assigned a AAA rating, the filing said.

Temasek said it will file to list the bonds on SGX.

DBS Bank is the sole global coordinator, while the joint lead managers and bookrunners will be DBS Bank, HSBC, OCBC Bank, Standard Chartered Bank and UOB, according to the client note.