• Three tranche offering comprising

‒       US$750 million 10-year;

‒       US$750 million 20-year; and

‒       US$1 billion 40-year Temasek Bonds.

Singapore, 27 July 2021, 4.55 a.m. – Temasek Financial (I) Limited (“TFin-I”) has priced US$750 million 1.625% Guaranteed Notes due 2031, US$750 million 2.375% Guaranteed Notes due 2041 and US$1 billion 2.750% Guaranteed Notes due 2061 (the “T2031-USD Temasek Bond”, the “T2041-USD Temasek Bond” and the “T2061-USD Temasek Bond”, respectively, and collectively, the “T2031-USD, T2041-USD and T2061-USD Temasek Bonds”).

Unconditionally and irrevocably guaranteed by Temasek Holdings (Private) Limited (“Temasek”), the T2031-USD, T2041-USD and T2061-USD Temasek Bonds are the 22^nd, 23^rd and 24^th bond issues under TFin-I’s US$25 billion Guaranteed Global Medium Term Note Programme (the “Programme”). 

The 10-year T2031-USD Temasek Bond was priced at a spread of 40 bps over the 10-year benchmark US Treasuries. Investors will be paid every six months, at a coupon rate of 1.625% per annum. The T2031-USD Temasek Bond was issued at 99.423% to give a yield to maturity of 1.688% per annum.

The 20-year T2041-USD Temasek Bond was priced at a spread of 65 bps over the 20-year benchmark US Treasuries. Investors will be paid every six months, at a coupon rate of 2.375% per annum. The T2041-USD Temasek Bond was issued at 97.949% to give a yield to maturity of 2.506% per annum.

The 40-year T2061-USD Temasek Bond was priced at a spread of 85 bps over the 30-year benchmark US Treasuries. Investors will be paid every six months, at a coupon rate of 2.750% per annum. The T2061-USD Temasek Bond was issued at 98.825% to give a yield to maturity of 2.799% per annum.

T2041-USD and T2061-USD Temasek Bonds mark the first time Temasek has issued 20- year and 40-year Temasek Bonds. There was strong support for the bonds from high-quality institutional, accredited and/or other specified investors globally, across the three tranches of T2031-USD, T2041-USD and T2061-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 T2031-USD, T2041-USD and T2061-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 T2031-USD, T2041-USD and T2061-USD Temasek Bonds to Temasek and its investment holding companies to fund their ordinary course of business.

The offering is scheduled to close on 2 August 2021.

The T2031-USD, T2041-USD and T2061-USD Temasek Bonds are expected to be listed on the Official List of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) on 3 August 2021. 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-USD, T2041-USD and T2061-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 T2031-USD, T2041-USD and T2061-USD Temasek Bonds.

The T2031-USD, T2041-USD and T2061-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 Citigroup, Credit Agricole, HSBC, Morgan Stanley and Standard Chartered Bank.

– 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.

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 the Prospectus 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.

No PRIIPs key information document or UK PRIIPs key information document has been prepared as the offering is not available to retail investors in the EEA or the UK.