State-linked Singapore investment firm Temasek Holdings said on Monday it was planning a bond offering worth one billion Singapore dollars (704 million US dollars) as part of its capital-raising programme. The bonds are due in 2020 and will be issued by its wholly-owned subsidiary Temasek Financial, it said in a statement.
The bonds will pay an annual yield of 3.265 percent, Temasek said. It said proceeds from the bond sale would help pay for the "ordinary course of business" for itself and its holding companies. Temasek said the planned bond offering was part of a 10-billion-US-dollar bond programme, which it had increased from five billion dollars last week to cater for any possible future issues.
Global risk evaluator Moody's Investors Service on Monday assigned its top rating to the latest planned offering. "The Aaa ratings reflect Temasek's strong financial profile at the holding company level, and are underpinned by the company's low book and market value-based leverage, excellent liquidity position and high-quality investment portfolio", said Elizabeth Allen, Moody's senior credit officer.
Temasek, one of the world's largest sovereign wealth funds, had an investment portfolio worth 130 billion Singapore dollars (91.5 billion US) as of March 2009. Most of its investments are in Singapore and Asia with stakes in leading companies including Standard Chartered bank and flag carrier Singapore Airlines.
Comments
Comments are closed.