• Three tranche offering comprising
  
  
  • US$750 million 10-year;
  • US$1 billion 30.5-year; and
  • US$1 billion 50-year Temasek Bonds.  

Singapore, 30 September 2020, 6.20 a.m. – Temasek Financial (I) Limited (“TFin-I”) has priced US$750 million 1.00% Guaranteed Notes due 2030, US$1 billion 2.25% Guaranteed Notes due 2051 and US$1 billion 2.50% Guaranteed Notes due 2070 (the “T2030-USD Temasek Bond”, the “T2051-USD Temasek Bond” and the “T2070-USD Temasek Bond”, respectively, and collectively, the “T2030-USD, T2051-USD and T2070-USD Temasek Bonds”).

Unconditionally and irrevocably guaranteed by Temasek Holdings (Private) Limited (“Temasek”), the T2030-USD, T2051-USD and T2070-USD Temasek Bonds are the 19th, 20th and 21st bond issues under TFin-I’s US$25 billion Guaranteed Global Medium Term Note Programme (the “Programme”). 

The 10-year T2030-USD Temasek Bond was priced at a spread of 47.5 bps over the 10-year benchmark US Treasuries. Investors will be paid every six months, at a coupon rate of 1.00% per annum. The T2030-USD Temasek Bond was issued at 98.821% to give a yield to maturity of 1.125% per annum.

The 30.5-year T2051-USD Temasek Bond was priced at a spread of 90 bps over the 30-year benchmark US Treasuries. Investors will be paid every six months, at a coupon rate of 2.25% per annum. The T2051-USD Temasek Bond was issued at 98.368% to give a yield to maturity of 2.325% per annum.

The 50-year T2070-USD Temasek Bond was priced at a spread of 110 bps over the 30-year benchmark US Treasuries. Investors will be paid every six months, at a coupon rate of 2.50% per annum. The T2070-USD Temasek Bond was issued at 99.292% to give a yield to maturity of 2.525% per annum.

T2070-USD Temasek Bond marks the first time Temasek has issued a 50-year Temasek Bond, further extending its debt maturity curve out to 2070. There was strong support for the bonds from high-quality institutional, accredited and/or other specified investors globally, across the three tranches of T2030-USD, T2051-USD and T2070-USD Temasek Bonds.

Temasek Bonds are issued as public markers of Temasek’s credit quality. They help to increase its funding flexibility and expand its stakeholder base.

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 The McGraw-Hill Companies, Inc. (“S&P”), and the T2030-USD, T2051-USD and T2070-USD Temasek Bonds are each likewise rated ‘Aaa’ by Moody’s and ‘AAA’ by S&P. 

TFin-I intends to provide the net proceeds from the issuance of the T2030-USD, T2051-USD and T2070-USD Temasek Bonds to Temasek and its investment holding companies to fund their ordinary course of business.

The offering is scheduled to close on 6 October 2020.

The T2030-USD, T2051-USD and T2070-USD Temasek Bonds are expected to be listed on the Official List of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) on 7 October 2020. 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 T2030-USD, T2051-USD and T2070-USD 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 T2030-USD, T2051-USD and T2070-USD Temasek Bonds.

The T2030-USD, T2051-USD and T2070-USD Temasek Bonds were offered in the United States only to qualified institutional buyers that are also qualified purchasers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and outside the United States only to non-U.S. persons under Regulation S of the Securities Act.

The Joint Lead Managers and Bookrunners were Barclays, Citigroup, DBS Bank Ltd., HSBC and Morgan Stanley.

– End –

References to “US$” and “USD” 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.

This announcement is directed only at persons (i) outside the United Kingdom; (ii) 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”); (iii) falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc.”) of the Order or (iv) 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.

In the European Economic Area (the “EEA”) and the United Kingdom (the “UK”), this announcement is directed only at persons who are “qualified investors” as defined in Regulation (EU) 2017/1129, as amended.

No PRIIPs key information document (KID) has been prepared as not available to retail in EEA and the UK.