Temasek upsizes retail bond offer to $300m

The $100m issue size increase brings the total offering to $500m.

Temasek increased its first retail bonds issue size from $200m to $300m following the demand from retail investors which saw eight times oversubscription, an announcement revealed.

“The demand for both the Public Offer and the Placement was robust, amounting in aggregate to about $3b,” chief financial officer of Temasek Leong Wai Leng said. “We are pleased to provide Singapore retail investors an opportunity to invest in a Temasek Bond.”

The T2023-S$ bond which now comprises up to $500m notes at 2.7% is the first Temasek bond open to retail investors.

At the close of the public offer of up to $200m on 23 October, valid applications received totalled $1.68b, Temasek said.

Also read: Temasek’s first retail bonds eight times oversubscribed

All valid applications have been allocated all or a proportion of the bonds they applied for, the announcement said. All 58,282 valid retail applications received some allocation whilst all applicants who applied for $6,000 and below received full allocations.

Retail investors can check their allocations by logging into their central depository (CDP) accounts from 25 October, Temasek noted.

“Any applicant whose application for the Public Offer bonds was invalid, or who did not receive the full allocation for which they applied, will have their application amounts or the balance refunded without interest,” Temasek said.

These will be credited to their DBS, POSB, OCBC or UOB accounts within 24 hours after the balloting of the public offer bonds.

The T2023-S$ bond will be issued on 25 October, whilst trading will start at 9 a.m. on 26 October on the Main Board of Singapore Exchange Securities Trading (SGX-ST) under the trading name Temasek 2.7% 231025XB.