Singapore government investment fund Temasek Holdings completed its long-trailed debut bond in September, raising $1.75 billion in 10-year money. The deal was increased from an original $1 billion amid strong demand for paper that was AAA-rated by Moody’s and Standard & Poor’s.
With a rating like that, it is no surprise that Temasek secured pricing at just 44 basis points over US treasuries, with the bond yielding 4.5%. Singapore enjoys a AAA sovereign rating and investors clearly see an implicit guarantee behind the firm, which is, after all, 100% owned by the government.
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