According to the statement, Temasek plans to issue bonds under the US$25 billion (approximately SGD32.63 billion) secured global medium-term notes program, depending on the market conditions, which may include five-year, 10-year and 30-year offshore RMB senior unsecured bonds.
The total amount, maturity and pricing of the bond has not been determined.
The latest annual report released by Temasek in July showed that Temasek's investment portfolio net value hit a record high in fiscal year 2025, with a sharp increase of 45 billion yuan this year to 434 billion yuan. The total return rate of shareholders in one year was 11.8%, significantly higher than the 1.6% in the previous fiscal year.
Temasek plans to issue offshore RMB bonds, which can include five-year, 10-year and 30-year senior unsecured bonds.
Temasek issued offshore RMB bonds for the first time in January last year, with a total issuance of five-year bonds of RMB 750 million (about S$133.88 million); in August last year, 10-year and 30-year offshore RMB bonds were issued again, with a total of RMB 2.7 billion.
According to a statement issued by HSBC on Tuesday (July 22), Temasek Holdings has appointed Crédit Agricole CIB, DBS, HSBC and Standard Chartered as joint lead underwriters and bookkeepers, responsible for issuing bonds.
Temasek Holdings itself received the highest ratings from both institutions, with a stable outlook.
The bonds are subject to unconditional and irrevocable guarantees from Temasek. If the bond is issued, it is expected to receive Moody’s Aaa rating and Standard & Poor’s (S&P) AAA rating, which are the highest ratings of the two credit rating agencies respectively.