MARKETS & INVESTING | Staff Reporter, Singapore

Temasek prices US$1.35b bonds at 72 bps over Treasuries

Investors will be paid every six months, at a coupon rate of 3.625% per annum.

Temasek Financial (I) Limited (TFin-I) has priced US$1.35b 3.625% notes due 2028 that are guaranteed by Temasek Holdings. It is the 16th bond issue under TFin-I’s US$20b Guaranteed Global Medium Term Note Program.

According to an announcement, the T2028-USD Temasek Bond was priced at a spread of 72 bps over the 10-year benchmark US Treasuries. Investors will be paid every six months, at a coupon rate of 3.625% per annum. The T2028-USD Temasek Bond was issued at 99.576% to give a yield to maturity of 3.676% per annum.

Temasek treasury head Erwin Pato noted that the issue was over-subscribed with "strong demand" from global investors. The offering is scheduled to close on 1 August 2018.

The T2028-USD Temasek Bond is expected to be listed on the Official List of the Singapore Exchange Securities Trading Limited (SGX-ST) on 2 August 2018. 

The T2028-USD Temasek Bond was offered in the US only to qualified institutional buyers and outside the US only to non-US persons that are also qualified purchasers pursuant to the U.S. Securities Act of 1933.

The joint lead managers and bookrunners were BofA Merrill Lynch, Citigroup, HSBC, and Morgan Stanley 

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