November 2021
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November 2021
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Singapore’s Temasek upsizes bond issue to S$500 million due to oversubscription

The bonds, which carry a coupon of 1.8% per annum, drew S$1.54 billion of bids from institutional and accredited investors, 6.2 times more than the S$250 million set aside for this group
By Goh Thean Eu   
November 25, 2021

Singapore state investment company Temasek Holdings increased its five-year bond offering to S$500 million (US$365.86 million) from the initial S$350 million by upsizing the retail portion after the issuance was oversubscribed among both institutional and retail investors.

The bonds, which carry a coupon of 1.8% per annum, drew S$1.54 billion of bids from institutional and accredited investors, 6.2 times more than the S$250 million set aside for this group.

The S$100 million of bonds originally allocated for public investors attracted S$649 million of bids. Temasek says it exercised its option to raise this share to $250 million to accommodate all valid bids, which means it was 2.6 times oversubscribed.

“In view of the demand from retail investors, Temasek has decided 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,” the company says in a statement on November 24.

According to Temasek, the bonds were allocated to all 19,162 valid retail applications, and to 56 institutional and accredited investors.

The company says the proceeds are to fund its “ordinary course of business”.

The bonds began trading on the Singapore Exchange on November 25.