By Rebecca Melvin
New York, Sept. 30 – Temasek Holdings (Pvt) Ltd., through its subsidiary Temasek Financial (I) Ltd., priced $2.75 billion of notes in three tranches due 2030, 2051 and 2070 (expected ratings: Aaa/AAA), according to a company news release on Wednesday.
The $750 million tranche of 1% 10-year notes priced at 98.821 for a yield of 1.125%, or spread over U.S. Treasuries of 47.5 basis points.
The $1 billion tranche of 2.25% 30.5-year notes priced at 98.368 for a yield of 2.325%, or a spread over Treasuries of 90 bps.
The $1 billion tranche of 2.5% 50-year notes priced at 99.292 for a yield of 2.525%, or a spread over Treasuries of 110 bps. It is Temasek’s first 50-year bond, further extending its debt maturity curve.
The joint lead managers of the Rule 144A and Regulation S notes were Barclays, Citigroup, DBS Bank Ltd., HSBC and Morgan Stanley.
The proceeds will be used to fund Temasek’s ordinary course of business. The notes are expected to be listed on the official list of the Singapore Exchange Securities Trading Ltd. on Oct. 7.
Temasek is an investment company based in Singapore.
| Issuer: | Temasek Financial (I) Ltd.
|
| Guarantor: | Temasek Holding (Pvt) Ltd.
|
| Issue: | Notes
|
| Amount: | $2.75 billion
|
| Bookrunners: | Barclays, Citigroup, DBS Bank Ltd., HSBC and Morgan Stanley
|
| Trade date: | Sept. 30
|
| Settlement date: | Oct. 6
|
| Ratings: | Moody's: Aaa
|
| S&P: AAA
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 2030 tranche
|
| Amount: | $750 million
|
| Maturity: | Oct. 6, 2030
|
| Coupon: | 1%
|
| Price: | 98.821
|
| Yield: | 1.125%
|
| Spread: | Treasuries plus 47.5 bps
|
|
|
| 2051 tranche
|
| Amount: | $1 billion
|
| Maturity: | Oct. 6, 2051
|
| Coupon: | 2.25%
|
| Price: | 98.368
|
| Yield: | 2.325%
|
| Spread: | Treasuries plus 90 bps
|
|
|
| 2070 tranche
|
| Amount: | $1 billion
|
| Maturity: | Oct. 6, 2070
|
| Coupon: | 2.5%
|
| Price: | 99.292
|
| Yield: | 2.525%
|
| Spread: | Treasuries plus 110 bps
|
|
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