Singapore, 14 November, 12:30am – Temasek Financial (I) Limited (“TFin-I”) has priced €500 million 0.50% Guaranteed Notes due 2031 and €500 million 1.25% Guaranteed Notes due 2049 (the “T2031-EUR Temasek Bond” and the “T2049-EUR Temasek Bond”, respectively, and collectively, the “T2031-EUR and T2049-EUR Temasek Bonds”).

Unconditionally and irrevocably guaranteed by Temasek Holdings (Private) Limited (“Temasek”), the T2031-EUR and T2049-EUR Temasek Bonds are the 17th and 18th bond issues under TFin-I’s US$20 billion Guaranteed Global Medium Term Note Programme (the “Programme”). 

The T2031-EUR Temasek Bond was priced at a spread of 40 bps over the 12-year benchmark EUR Mid-swap. Investors will be paid annually, at a coupon rate of 0.50% per annum. The T2031-EUR Temasek Bond will be issued at 98.742% to give a yield to maturity of 0.609% per annum.

The T2049-EUR Temasek Bond was priced at a spread of 80 bps over the 30-year benchmark EUR Mid-swap. Investors will be paid annually, at a coupon rate of 1.25% per annum. The T2049-EUR Temasek Bond will be issued at 98.348% to give a yield to maturity of 1.317% per annum.

Ms. Leong Wai Leng, Temasek’s Chief Financial Officer, said, “We are pleased that both our T2031-EUR and T2049-EUR Temasek Bonds were over-subscribed, attracting strong demand from high-quality investors globally.”

“As public markers of our credit quality, our Temasek Bonds have helped increase our funding flexibility and expand our stakeholder base,” Ms. Leong added.

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 T2031-EUR and T2049-EUR 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 T2031-EUR and T2049-EUR Temasek Bonds to Temasek and its investment holding companies to fund their ordinary course of business.

The offering is scheduled to close on 20 November 2019.

The T2031-EUR and T2049-EUR Temasek Bonds are expected to be listed on the Official List of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) on 21 November 2019. 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 T2031-EUR and T2049-EUR 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 T2031-EUR and T2049-EUR Temasek Bonds.

The T2031-EUR and T2049-EUR 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 Barclays, BNP Paribas, Credit Suisse and HSBC.

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References to “EUR” are to euros, the official currency of certain European Union member countries.

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.

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

Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA.