Singapore, 21 August 2024, 11.15 p.m.  – Temasek Financial (I) Limited (“TFin-I”) has priced offshore CNY 1.0 billion 2.75% Guaranteed Notes due 2034 and offshore CNY 1.7 billion 3.10% Guaranteed Notes due 2054 (the “T2034-CNH Temasek Bond” and the “T2054-CNH Temasek Bond”, respectively, and collectively, the “T2034-CNH and T2054-CNH Temasek Bonds”).

Unconditionally and irrevocably guaranteed by Temasek Holdings (Private) Limited (“Temasek”), the T2034-CNH and T2054-CNH Temasek Bonds will be issued under TFin-I’s US$25 billion Guaranteed Global Medium Term Note Programme (the “Programme”). 

The T2034-CNH Temasek Bond was priced at par, with a yield to maturity of 2.75% per annum, and investors will be paid semi-annually.

The T2054-CNH Temasek Bond was priced at par, with a yield to maturity of 3.10% per annum, and investors will be paid semi-annually.

Temasek has been assigned an overall corporate credit rating of “Aaa” by Moody’s Investors Service, Inc. (“Moody’s”) and “AAA” by S&P Global Ratings, a division of S&P Global, Inc. (“S&P”), and the T2034-CNH and T2054-CNH Temasek Bonds are likewise rated Aaa by Moody’s and AAA by S&P.  

TFin-I intends to provide the net proceeds from the issuance of the T2034-CNH and T2054-CNH Temasek Bonds to Temasek and its investment holding companies to fund their ordinary course of business.

The offering is scheduled to close on 28 August 2024.

The T2034-CNH and T2054-CNH Temasek Bonds are expected to be listed on the Official List of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) on 29 August 2024. The SGX-ST assumes no responsibility for the correctness of any of the statements made or opinions expressed or reports contained herein. Admission to the Official List of the SGX-ST and listing and quotation of the T2034-CNH and T2054-CNH Temasek Bonds on the SGX-ST are not to be taken as an indication of the merits of TFin-I, Temasek, their respective subsidiary companies (if any), their respective associated companies (if any), the Programme, or the T2034-CNH and T2054-CNH Temasek Bonds. 

The T2034-CNH and T2054-CNH Temasek Bonds were offered outside the United States only to non-U.S. persons under Regulation S of the U.S. Securities Act of 1933, as amended. 

The Joint Lead Managers and Bookrunners were DBS, HSBC, and Standard Chartered Bank.

– End –

References to “CNY” are to renminbi, the lawful currency of People’s Republic of China.

References to “US$” are to U.S. dollars, the lawful currency of the United States.

This release is 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.

In the European Economic Area (the “EEA”), this announcement is only directed at persons who are “qualified investors” within the meaning of Article 2(e) of Regulation (EU) 2017/1129 (as amended, the “Prospectus Regulation”).

In the United Kingdom (“UK”), this announcement is only directed at “qualified investors” within the meaning of Article 2(e) of the Prospectus Regulation as it forms part of domestic law in the UK by virtue of the European Union (Withdrawal) Act 2018, as amended, who are also persons (i) that have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); (ii) falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc.”) of the Order or (iii) to whom this announcement may otherwise be directed without contravention of Section 21 of the Financial Services and Markets Act 2000, as amended (all such persons together being referred to as “relevant persons”). This announcement must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.