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[Update] Temasek Holdings launches dual tranche offering for four-year and 10-year EUR Temasek bonds

Felicia Tan
·2-min read

The four-year bond has a coupon rate of 3.25% while the 10-year bond has a coupon rate of 3.5%.

Temasek Holdings’ wholly-owned subsidiary, Temasek Financial (I) Limited, announced its intention to launch a dual tranche offering on Feb 8.

The dual tranche offering will comprise a four-year T2027-EUR Temasek bond and a 10-year T2033-EUR Temasek bond.

Both bonds will be issued under Temasek Financial (I)’s US$25 billion ($33.15 billion) Guaranteed Global Medium Term Note Programme and guaranteed by Temasek.

The net proceeds from the issuance of the bonds will go to Temasek and its investment holding companies to fund their ordinary course of business, says the group.

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Temasek has been assigned an overall corporate credit rating of “Aaa” by Moody’s Investors Service, Inc. and “AAA” by S&P Global Ratings.

An application will be made for the listing and quotation of the bonds on the official list of the SGX-ST, says Temasek.

/Update

In the early hours of Feb 9, Temasek Holdings announced that it has priced EUR750 million ($1.07 billion) each worth of its four- and 10-year bonds.

The four-year bond, due 2027, carries a coupon rate of 3.25% per annum (p.a.) while the 10-year bond, due 2033, carries a coupon rate of 3.50% p.a.

The four-year bond was priced at a spread of 25 basis points (bps) over the four-year benchmark Euro mid-swap. The 10-year bond was issued at 99.96% to give a yield to maturity of 3.26% per annum and priced at a spread of 65 bps over the 10-year benchmark Euro mid-swap.

The offering is scheduled to close on Feb 15. Both bonds are expected to be listed on the SGX-ST on Feb 16.

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