Temasek's 10-year US$ bond offering lets it enjoy favourable refinancing
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Singapore
TEMASEK Holdings' planned offering of 10-year US dollar-denominated bonds could allow the Singapore investment firm to effectively refinance existing debt at a favourable interest rate.
Initial price talk on the deal was for a yield spread of 90 to 95 basis points over US Treasuries. With the benchmark 10-year US Treasury trading at a yield to maturity of about 2.9 per cent on Wednesday, the initial pricing guidance on the deal could allow Temasek to borrow at an annual interest of just under 4 per cent.
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