- Joined
- Jul 24, 2008
- Messages
- 33,627
- Points
- 0
<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published October 20, 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Temasek plans 10-year US$ bond issue
Bonds maturing in 2019 rated triple-A by S&P and Moody's
By CONRAD TAN
<TABLE class=storyLinks border=0 cellSpacing=4 cellPadding=1 width=136 align=right><TBODY><TR class=font10><TD width=20 align=right>
</TD><TD>Email this article</TD></TR><TR class=font10><TD width=20 align=right>
</TD><TD>Print article </TD></TR><TR class=font10><TD width=20 align=right>
</TD><TD>Feedback</TD></TR></TBODY></TABLE>
(SINGAPORE) Temasek Holdings plans to sell 10-year US dollar bonds that will be listed on the Singapore Exchange (SGX) as part of a US$5 billion medium-term note programme it started in 2005, it said yesterday.
No details were given of the bond offering size or how much interest they will pay, but a similar bond issue by Temasek under the same programme four years ago raised US$1.75 billion.
A further announcement on the second bond issue is expected soon. The bonds will mature in 2019 and are rated triple-A - the highest grade possible - by credit rating agencies Standard & Poor's (S&P) and Moody's Investor Services.
In September 2005, Temasek sold US$1.75 billion of unsecured 10-year US dollar bonds paying fixed interest of 4.5 per cent a year, to institutional investors in the United States, Europe and Japan. Those notes will mature in September 2015 and are also rated triple-A by S&P and Moody's. Current holders of the first series of bonds include large insurers and pension funds in the US and Europe.
All the bonds under the programme are fully and unconditionally guaranteed by Temasek. The bonds will be issued by Temasek Financial (I) Ltd, a wholly owned unit of Temasek that was set up in 2004 for the purpose of issuing notes under the bond programme.
<SCRIPT language=javascript> <!-- // Check for Mac. var strAgent; var blnMac; strAgent = navigator.userAgent; strAgent.indexOf('Mac') > 0 ? blnMac = true:blnMac = false; if (blnMac == true) { document.write('
'); } //--> </SCRIPT><TABLE border=0 cellSpacing=0 cellPadding=4 width=300 align=right><TBODY><TR><TD vAlign=top align=middle>
<!-- AdSpace --><IFRAME height=250 marginHeight=0 src="http://ads.asia1.com.sg/html.ng/site=tbto&sec=btointhenews&cat1=bnews&cat2=btointhenewsart&size=300X250" frameBorder=0 width=300 marginWidth=0 scrolling=no bordercolor="#000000"><script language='JavaScript1.1' src='http://ads.asia1.com.sg/js.ng/Params.richmedia=yes&site=tbto&sec=btointhenews&cat1=bnews&cat2=btointhenewsart&size=300X250'></script><noscript>
</noscript></IFRAME><!-- /AdSpace-->
</TD></TR></TBODY></TABLE>The net proceeds from the sale of the bonds will be used by Temasek and its subsidiaries to fund their ordinary course of business, Temasek said in a statement. Deutsche Bank, Goldman Sachs and Morgan Stanley are managing the sale.
Temasek chief executive Ho Ching said in a speech in July that its first bond issue in 2005 was one of three 'public markers' of Temasek's financial position and credit risks that would bind its strategic actions and commercial choices.
The earliest such public marker was the publication of Temasek's first annual report, the Temasek Review, in October 2004, followed shortly after by Temasek seeking corporate credit ratings from S&P and Moody's, which rated Temasek triple-A.
'The bond spreads are a real-time live indicator of our credit risks, much like the role of a singing canary in a coal mine,' Ms Ho said at the time. 'This was also a deliberate move to create a new group of sophisticated stakeholders for ourselves.'
In the same speech, she also said that Temasek was mulling the possibility of inviting co-investments from the general public within the next decade to further broaden its stakeholder base.
According to the offering prospectus for the first series of bonds issued in 2005, the issuing vehicle has the flexibility to issue up to US$5 billion in bonds in various currencies, including the Singapore dollar. The minimum denomination of the notes issued under the programme is US$150,000 or its equivalent in foreign currency, and S$200,000 for Sing dollar notes.
</TD></TR></TBODY></TABLE>
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Temasek plans 10-year US$ bond issue
Bonds maturing in 2019 rated triple-A by S&P and Moody's
By CONRAD TAN
<TABLE class=storyLinks border=0 cellSpacing=4 cellPadding=1 width=136 align=right><TBODY><TR class=font10><TD width=20 align=right>
</TD><TD>Email this article</TD></TR><TR class=font10><TD width=20 align=right></TD><TD>Print article </TD></TR><TR class=font10><TD width=20 align=right></TD><TD>Feedback</TD></TR></TBODY></TABLE>(SINGAPORE) Temasek Holdings plans to sell 10-year US dollar bonds that will be listed on the Singapore Exchange (SGX) as part of a US$5 billion medium-term note programme it started in 2005, it said yesterday.
No details were given of the bond offering size or how much interest they will pay, but a similar bond issue by Temasek under the same programme four years ago raised US$1.75 billion.
A further announcement on the second bond issue is expected soon. The bonds will mature in 2019 and are rated triple-A - the highest grade possible - by credit rating agencies Standard & Poor's (S&P) and Moody's Investor Services.
In September 2005, Temasek sold US$1.75 billion of unsecured 10-year US dollar bonds paying fixed interest of 4.5 per cent a year, to institutional investors in the United States, Europe and Japan. Those notes will mature in September 2015 and are also rated triple-A by S&P and Moody's. Current holders of the first series of bonds include large insurers and pension funds in the US and Europe.
All the bonds under the programme are fully and unconditionally guaranteed by Temasek. The bonds will be issued by Temasek Financial (I) Ltd, a wholly owned unit of Temasek that was set up in 2004 for the purpose of issuing notes under the bond programme.
<SCRIPT language=javascript> <!-- // Check for Mac. var strAgent; var blnMac; strAgent = navigator.userAgent; strAgent.indexOf('Mac') > 0 ? blnMac = true:blnMac = false; if (blnMac == true) { document.write('
'); } //--> </SCRIPT><TABLE border=0 cellSpacing=0 cellPadding=4 width=300 align=right><TBODY><TR><TD vAlign=top align=middle>
<!-- AdSpace --><IFRAME height=250 marginHeight=0 src="http://ads.asia1.com.sg/html.ng/site=tbto&sec=btointhenews&cat1=bnews&cat2=btointhenewsart&size=300X250" frameBorder=0 width=300 marginWidth=0 scrolling=no bordercolor="#000000"><script language='JavaScript1.1' src='http://ads.asia1.com.sg/js.ng/Params.richmedia=yes&site=tbto&sec=btointhenews&cat1=bnews&cat2=btointhenewsart&size=300X250'></script><noscript>
Temasek chief executive Ho Ching said in a speech in July that its first bond issue in 2005 was one of three 'public markers' of Temasek's financial position and credit risks that would bind its strategic actions and commercial choices.
The earliest such public marker was the publication of Temasek's first annual report, the Temasek Review, in October 2004, followed shortly after by Temasek seeking corporate credit ratings from S&P and Moody's, which rated Temasek triple-A.
'The bond spreads are a real-time live indicator of our credit risks, much like the role of a singing canary in a coal mine,' Ms Ho said at the time. 'This was also a deliberate move to create a new group of sophisticated stakeholders for ourselves.'
In the same speech, she also said that Temasek was mulling the possibility of inviting co-investments from the general public within the next decade to further broaden its stakeholder base.
According to the offering prospectus for the first series of bonds issued in 2005, the issuing vehicle has the flexibility to issue up to US$5 billion in bonds in various currencies, including the Singapore dollar. The minimum denomination of the notes issued under the programme is US$150,000 or its equivalent in foreign currency, and S$200,000 for Sing dollar notes.
</TD></TR></TBODY></TABLE>
