Singapore's Temasek sells $768 million of offshore Chinese renminbi bonds

SINGAPORE, July 23 (Reuters) - Temasek Financial (I) Ltd, a wholly owned subsidiary of Singapore state investment company Temasek Holdings, sold 5.5 billion Chinese renminbi ($768 million) of offshore bonds on Wednesday.

The company said in a statement that it priced a 1.5 billion renminbi five-year bond at par with an annual yield to maturity of 1.85%, a 2.0 billion renminbi 10-year bond at 2.05%, and a 2.0 billion renminbi 30-year bond at 2.55%.

Initial price guidance was in the area of 2.3%, 2.55% and 3.05% respectively, with the tightening suggesting strong demand for the issue.

The bonds, to be issued by Temasek Financial (I) under its $25 billion guaranteed global medium-term note programme, will carry an unconditional and irrevocable guarantee from Temasek.

Temasek said the bonds are rated "Aaa" by Moody's and "AAA" by S&P, in line with its corporate credit ratings.

Proceeds from the sale will support Temasek and its investment holding companies in funding their regular business activities.

Temasek last sold offshore renminbi bonds in August 2024.

Earlier this month, Temasek reported an 11.6% year-on-year jump in its net portfolio value to a record S$434 billion ($340 billion), saying risks from U.S. immigration, tariffs and fiscal tightening had likely peaked.

It also said it saw higher investment opportunities in Europe as the impact of trade tensions on the economic climate makes some companies more attractive on valuation grounds.

Credit Agricole, DBS Bank, HSBC and Standard Chartered were joint lead managers and joint book runners for the renminbi offering.

HSBC Holdings

Standard Chartered