Temasek Holdings, Singapore’s state-owned investment company, hired four banks to help arrange meetings with bond investors, according to a person familiar with the matter.
The company hired DBS Bank, Deutsche Bank AG, Morgan Stanley and UBS AG to coordinate the meetings, the person said, asking not to be identified as details are private. Temasek will get together with investors in Hong Kong, Kuala Lumpur, London, Frankfurt and cities in the U.S., including New York and Boston, as part of its regular investor briefings, the person said.
The company hired DBS Bank, Deutsche Bank AG, Morgan Stanley and UBS AG to coordinate the meetings, the person said, asking not to be identified as details are private. Temasek will get together with investors in Hong Kong, Kuala Lumpur, London, Frankfurt and cities in the U.S., including New York and Boston, as part of its regular investor briefings, the person said.
Temasek, which is rated Aaa by Moody’s Investors Service, last sold bonds in August when it issued $1 billion of 40-year notes with a 4.2% coupon, according to data compiled by Bloomberg. The company also met investors in January, another person familiar with the matter said at the time. It hired HSBC Holdings Plc, Standard Chartered Plc and UBS to arrange the earlier meetings, that person said.
Its 4.2% notes yielded 4.02% today, down from a one-year high of 4.52% reached on Dec. 13, according to DBS prices. The company’s US$1.5 billion ($1.82 billion) of 4.3% notes due October 2019 traded at 103.939 cents on the dollar to yield 3.74%, BNP Paribas SA prices show. The relative yield to similar maturity Treasuries rose 21 basis points to 118 this year, the data show.
CHINA STRATEGY
The company sold shares in China Construction Bank Corp. and Bank of China earlier this month as part of its “portfolio rebalancing” while retaining a focus on China as its “largest investment destination,” Nagi Hamiyeh, managing director of investment, said on July 7.
Assets under management climbed 3.8% to a record $193 billion in the year to March 31, as more money was placed in emerging markets such as China, India, Brazil and Mexico, according to Temasek’s latest annual report. Group net debt was cut to $9.5 billion from $17.8 billion as cash, which was positive at the end of the year, increased.
“If there are opportunities in the credit market we obviously would like to access those,” Dilhan Pillay Sandrasegara, Temasek’s head of portfolio management, said at a press conference July 7.
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