Not for distribution in the United States
Temasek closes S$500 million 3.785% Guaranteed Notes due 2025 &
S$500 million 4.0475% Guaranteed Notes due 2035
- Well-defined Singapore-dollar yield curve at the long end
- Seventh & eighth issuances under the US$10.0 billion
Guaranteed Global Medium Term Note Program
Singapore, 5 March 2010 - Temasek Financial (I) Limited ("TFL-I") today announced the completion of its offerings of S$500 million 3.785% Guaranteed Notes due 2025 and S$500 million 4.0475% Guaranteed Notes due 203 5 (the "T2025-S$ Temasek Bond " and the "T2035-S$ Temasek Bond" respectively, and collectively, the "T2025-S$ and T2035-S$ Temasek Bonds") .
These issuances are part of TFL-I's US$10.0 billion Guaranteed Global Medium Term Note Program (the "Program"). Under the Program, notes issued by TFL-I are fully and unconditionally guaranteed by Temasek Holdings (Private) Limited ("Temasek").
The T2025-S$ and T2035-S$ Temasek Bonds mark Temasek's seventh and eighth bond issuances respectively. Temasek now has three US-dollar bond issues maturing in 2015, 2019 and 2039, and five Singapore-dollar bond issues (including the T2025-S$ and T2035-S$ Temasek Bonds ) maturing in 2020, 2025, 2029, 2035 and 2039.
The T2025-S$ and T2035-S$ Temasek Bonds were issued to Singapore-based institutional investors in response to their enquiries.
Ms Alyssa Ong , Temasek's Treasury Head, said, "Our T2025-S$ and T2035-S$ Temasek Bonds were issued as a follow up to our recent 10-year T2020-S$ Temasek Bond issued on 19 February 2010. They were in response to interest from Singapore-based institutional investors for bonds of 15- and 25-year tenors. The overall reception for Temasek Bonds has allowed us to establish a well-defined Singapore-dollar yield curve between 10 and 30 years. "
"Our bond program allows us to establish public markers of our credit quality, and provides us the discipline of engaging with an expanded stakeholder base, " Ms Ong added.
The T2025-S$ Temasek Bond was launched and priced on 24 February 2010 at a spread of 50 bps over the 15-year S$ Swap Offer Rate ("SOR"), with a yield and coupon of 3.785% per year.
The T2035-S$ Temasek Bond was launched and priced on 24 February 2010 at a spread of 65 bps over the interpolated 20 -year SOR and 30-year SOR, with a yield and coupon of 4.0475% per year.
The SOR is the benchmark rate used for pricing bonds in the Singapore-dollar market. One bps is one basis point or one hundredth of one per cent. The Temasek yield curve, based o n the yield at issuance for the various Singapore-dollar Temasek Bonds issued to-date, is provided in the Appendix.
Temasek has had an overall corporate credit rating of AAA/Aaa by Standard & Poor's and Moody's Investors Service respectively since 2004, which is supported by Temasek's conservative balance sheet, very strong liquidity and high-quality investment portfolio.
The Joint Lead Managers and Bookrunners for the issuance of the T2025-S$ and T2035-S$ Temasek Bonds were DBS Bank Ltd., Standard Chartered Bank, Australia and New Zealand Banking Group Limited and The Hongkong and Shanghai Banking Corporation Limited.
The T2025-S$ and T2035-S$ Temasek Bonds are expected to be listed on the Singapore Exchange Securities Trading Limited (the "SGX-ST") on 8 March 2010. Admission to the Official List of the SGX-ST and quotation of the T2025-S$ and T2035-S$ Temasek Bonds on the SGX-ST are not to be taken as an indication of the merits of TFL-I, Temasek, the Program, the T2025-S$ Temasek Bond or the T2035-S$ Temasek Bond . The SGX-ST assumes no responsibility for the correctness of any of the statements made or opinions expressed or reports contained herein.
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These materials are not an offer of securities for sale in the United States . The securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. No portion of the proposed offering is intended to be registered in the United States , and no public offering is intended to be conducted in the United States .
For media enquiries, please contact:
Mark Lee
Director, Corporate Affairs
Temasek Holdings (Private) Limited
DID: (65) 6828-6509
Email: marklee@temasek.com.sg
Jeffrey Fang
Senior Associate, Corporate Affairs
Temasek Holdings (Private) Limited
DID: (65) 6828-6857
Email: jeffreyfang@temasek.com.sg
About Temasek Holdings
Incorporated in 1974, Temasek Holdings is an Asia investment company headquartered in Singapore . Supported by 12 affiliates and offices in Asia and Latin America, Temasek owns a diversified S$172 billion (US$119 billion) portfolio as at 31 July 2009, concentrated principally in Singapore, Asia and the emerging economies.
Temasek's investment themes centre on Transforming Economies, Growing Middle Income Populations, Deepening Comparative Advantages and Emerging Champions. Its portfolio covers a broad spectrum of industries: financial services; telecommunications & media; transportation & logistics; real estate; infrastructure, industrial & engineering; energy & resources; life sciences, consumer & lifestyle; and technology.
Total shareholder return for Temasek since its inception in 1974 has been a healthy 16% compounded annually. It has a corporate credit rating of AAA/Aaa by rating agencies Standard & Poor's and Moody's respectively.
Appendix
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