Temasek upsizes five-year bond offer to S$500m following oversubscription

Singapore state investment firm Temasek has decided to upsize its five-year SGD bond issue, announced on Nov. 15, to S$500 million ($366 million) from the initial S$350 million to allocate more bonds to applicants.

In a disclosure, Temasek said the offering for the T2026-S$ Temasek bond was oversubscribed, having received over S$1.5 billion in bids from institutional, accredited, and other specified investors.

“In view of the demand from retail investors, the Issuer (Temasek Financial — a subsidiary of Temasek) and Temasek have decided to exercise the Upsize Option to increase the Public Offer Size by S$150 million. This is to enable all valid applications under the public offer to receive some allocation,” according to the announcement.

The upsized bond offering has been allocated as S$250 million for final placement size and another S$250 million for final public offer size.

As at the close of the public offer, Temasek said valid applications received totaled S$649 million, representing a subscription rate of 2.6 times the final public offer size.

Among placement to institutional, accredited, and other specified investors, the bids received totalled S$1.5 billion

The T2026-S$ Temasek Bond, which has been rated “Aaa” by Moody’s and “AAA” by S&P’s, is expected to be issued on November 24, 2021. It will commence trading on the Main Board of the SGX on November 25.

In August, Temasek launched an offering of a 50-year T2071-SGD Temasek Bond through Temasek Financial. The offering came just a month after Temasek Financial launched a three tranche offering comprising 10-, 20-, and 40-year bonds.

The 10-year T2031-USD Temasek Bond, 20-year T2041-USD Temasek Bond, and 40-year T2061-USD Temasek Bond were issued under its $25-billion Guaranteed Global Medium Term Note Programme, according to a statement.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.