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<TABLE id=msgUN border=0 cellSpacing=3 cellPadding=0 width="100%"><TBODY><TR><TD id=msgUNsubj vAlign=top>
Coffeeshop Chit Chat - Temasek to borrow again... $1 bn !</TD><TD id=msgunetc noWrap align=right>
Subscribe </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"></TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>teh_si <NOBR></NOBR></TD><TD class=msgDate width="30%" noWrap align=right>Feb-7 8:08 pm </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right>(1 of 5) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"></TD><TD class=wintiny noWrap align=right>28298.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>[FONT=Arial,Geneva,Verdana,Sans-Serif]Temasek to Sell S$1 Billion of Bonds to Fund Business (Update1)
[FONT=Arial,Geneva,Verdana,Sans-Serif]2010-02-08 03:25:51.556 GMT[/FONT]
[FONT=Arial,Geneva,Verdana,Sans-Serif](Adds reason for sale in fourth paragraph, credit ratings.)[/FONT]
[FONT=Arial,Geneva,Verdana,Sans-Serif]By Shelley Smith and Katrina Nicholas[/FONT]
[FONT=Arial,Geneva,Verdana,Sans-Serif]Feb. 8 (Bloomberg) -- Temasek Holdings Pte., Singapore’s state-owned investment company, plans to sell S$1 billion ($704 million) of 10-year bonds to fund operations.[/FONT]
[FONT=Arial,Geneva,Verdana,Sans-Serif]Temasek unit Temasek Financial Ltd. will sell the bonds, which will be issued under the Singapore state-owned investment company’s $10 billion global medium-term note program, Temasek said in an e-mailed statement today. The program limit was doubled on Feb. 3 "to cater for the possibility of future issues," according to the statement.[/FONT]
[FONT=Arial,Geneva,Verdana,Sans-Serif]The notes may be priced to yield between 40 basis points and 45 basis points more than the Singapore swap offer rate, according to two people familiar with the matter who declined to be identified before a public announcement. The bonds will be priced as soon as today, the people said.[/FONT]
[FONT=Arial,Geneva,Verdana,Sans-Serif]"The issuer intends to provide the net proceeds from the issuance of the notes to Temasek and its investment holding companies to fund their ordinary course of business," the statement said.[/FONT]
[FONT=Arial,Geneva,Verdana,Sans-Serif]Moody’s Investors Service ranks Temasek’s debt at Aaa, its highest investment-grade rating, while Standard & Poor’s grades its bonds an equivalent AAA.[/FONT]
[FONT=Arial,Geneva,Verdana,Sans-Serif]The Singapore government-owned investment company sold S$300 million each of 20- and 30-year notes priced to yield 4 percent and 4.2 percent respectively in November, according to a Dec. 7 e-mailed release from Temasek.[/FONT]
[FONT=Arial,Geneva,Verdana,Sans-Serif]Temasek hired Australia & New Zealand Banking Group Ltd., DBS Group Holdings Ltd., HSBC Holdings Plc and Standard Chartered Plc to manage the sale, according to a person familiar with the matter.[/FONT]
[/FONT]
<HR SIZE=1>Edited 2/7/2010 11:11 pm by teh_si</TD></TR><TR><TD></TD></TR></TBODY></TABLE><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD class=msgleft width="1%"></TD><TD class=msgopt width="24%" noWrap>
Options</TD></TR></TBODY></TABLE>
<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>AAAAAA50 <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>Feb-7 10:53 pm </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>teh_si <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (2 of 5) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>28298.2 in reply to 28298.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>Because the same shit is still in charge of Temasek.
Same shit, same disaster, different day.
Yet this is how PAP regards meritocracy.
It doesn't matter if you are a disaster if you are a Lee.
The world has changed but not the Lees.
</TD></TR><TR><TD> </TD></TR></TBODY></TABLE><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD class=msgleft width="1%"> </TD><TD class=msgopt width="24%" noWrap> Options</TD><TD class=msgrde width="50%" noWrap align=middle> 
Reply</TD><TD class=wintiny width="25%" noWrap align=right> </TD></TR><TR><TD class=msgbfrbot> </TD><TD colSpan=3> </TD></TR></TBODY></TABLE>
<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"></TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>teh_si <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>12:31 am </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right> </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>Look at Temasek's recent borrowing spree.. It has borrowed S$4.5bn in the past few months!Issued Oct 09 - US$1.5bn 10 yr bondNov 09 - US$500m 30yr bondDec 09 - S$300m 20 yr and S$300m 30 yr bondsFeb 10 - S$1bn 10 yr bondThe borrowing limit for its medium-term note program was increased to US$10 billion on Feb. 3 “to cater for the possibility of future issues."
Is Ho Jinx trying to leverage up in its eagerness to make up for past losses?It is a risky strategy, because the citizens of Singapore who are effectively the equity holders are now further subordinated</TD></TR></TBODY></TABLE>
</TD></TR></TBODY></TABLE>
[FONT=Arial,Geneva,Verdana,Sans-Serif]2010-02-08 03:25:51.556 GMT[/FONT]
[FONT=Arial,Geneva,Verdana,Sans-Serif](Adds reason for sale in fourth paragraph, credit ratings.)[/FONT]
[FONT=Arial,Geneva,Verdana,Sans-Serif]By Shelley Smith and Katrina Nicholas[/FONT]
[FONT=Arial,Geneva,Verdana,Sans-Serif]Feb. 8 (Bloomberg) -- Temasek Holdings Pte., Singapore’s state-owned investment company, plans to sell S$1 billion ($704 million) of 10-year bonds to fund operations.[/FONT]
[FONT=Arial,Geneva,Verdana,Sans-Serif]Temasek unit Temasek Financial Ltd. will sell the bonds, which will be issued under the Singapore state-owned investment company’s $10 billion global medium-term note program, Temasek said in an e-mailed statement today. The program limit was doubled on Feb. 3 "to cater for the possibility of future issues," according to the statement.[/FONT]
[FONT=Arial,Geneva,Verdana,Sans-Serif]The notes may be priced to yield between 40 basis points and 45 basis points more than the Singapore swap offer rate, according to two people familiar with the matter who declined to be identified before a public announcement. The bonds will be priced as soon as today, the people said.[/FONT]
[FONT=Arial,Geneva,Verdana,Sans-Serif]"The issuer intends to provide the net proceeds from the issuance of the notes to Temasek and its investment holding companies to fund their ordinary course of business," the statement said.[/FONT]
[FONT=Arial,Geneva,Verdana,Sans-Serif]Moody’s Investors Service ranks Temasek’s debt at Aaa, its highest investment-grade rating, while Standard & Poor’s grades its bonds an equivalent AAA.[/FONT]
[FONT=Arial,Geneva,Verdana,Sans-Serif]The Singapore government-owned investment company sold S$300 million each of 20- and 30-year notes priced to yield 4 percent and 4.2 percent respectively in November, according to a Dec. 7 e-mailed release from Temasek.[/FONT]
[FONT=Arial,Geneva,Verdana,Sans-Serif]Temasek hired Australia & New Zealand Banking Group Ltd., DBS Group Holdings Ltd., HSBC Holdings Plc and Standard Chartered Plc to manage the sale, according to a person familiar with the matter.[/FONT]
[/FONT]
<HR SIZE=1>Edited 2/7/2010 11:11 pm by teh_si</TD></TR><TR><TD></TD></TR></TBODY></TABLE><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD class=msgleft width="1%"></TD><TD class=msgopt width="24%" noWrap>
<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>AAAAAA50 <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>Feb-7 10:53 pm </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>teh_si <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (2 of 5) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>28298.2 in reply to 28298.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>Because the same shit is still in charge of Temasek.
Same shit, same disaster, different day.
Yet this is how PAP regards meritocracy.
It doesn't matter if you are a disaster if you are a Lee.
The world has changed but not the Lees.
</TD></TR><TR><TD> </TD></TR></TBODY></TABLE><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD class=msgleft width="1%"> </TD><TD class=msgopt width="24%" noWrap>
<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"></TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>teh_si <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>12:31 am </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right> </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>Look at Temasek's recent borrowing spree.. It has borrowed S$4.5bn in the past few months!Issued Oct 09 - US$1.5bn 10 yr bondNov 09 - US$500m 30yr bondDec 09 - S$300m 20 yr and S$300m 30 yr bondsFeb 10 - S$1bn 10 yr bondThe borrowing limit for its medium-term note program was increased to US$10 billion on Feb. 3 “to cater for the possibility of future issues."
Is Ho Jinx trying to leverage up in its eagerness to make up for past losses?It is a risky strategy, because the citizens of Singapore who are effectively the equity holders are now further subordinated</TD></TR></TBODY></TABLE>
</TD></TR></TBODY></TABLE>
