Temasek double to $10 billion bonds

Singapore sovereign wealth fund Temasek said on Friday it doubled the size of its borrowing programme to $10 billion to allow for future bond issues. Moody's affirmed its Aaa rating on Temasek and said the increase in the size of the MTN allowed the Singapore fund greater financial flexibility. Temasek has to-date borrowed about $4.2 billion under the programme.
"The Aaa ratings continue to 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 Moody's Senior Credit Officer Elizabeth Allen in a statement.