Barclays leads Singapore’s Temasek into the euro market
12 Apr 2016
When Temasek wanted to make its first bond offering in the euro market, Barclays was there to connect the company to potential investors and facilitate issuance.
Temasek is an investment company based in Singapore, which manages SGD266 billion in assets. Its portfolio focuses on nurturing Singapore’s economic development and diversification through four key investment themes: Transforming Economies; Growing Middle Income Populations; Deepening Comparative Advantages; and Emerging Champions.
Source: Temasek Holdings (Private) Limited
On 23 February, Barclays acted as Joint Bookrunner for Temasek’s inaugural €1.1 billion dual tranche bond offering. With an 8% portfolio exposure to Europe, this transaction allowed Temasek to establish a credit benchmark to evaluate its European investments, and also serve as a currency hedge on its existing European investments, as it reports financials in Singapore dollars.
Prior to this, Barclays was mandated to arrange a series of non-deal investor meetings across Europe, crafting a narrative to introduce them as a company, and educating investors on their credit story.
Our involvement in this offering highlights our ability to connect clients to our home markets in the US and UK when they are considering funding plans outside of their domestic markets,
Marco Baldini, Head of European Corporate and SSA Syndicate
The transaction marks our first capital markets mandate from Temasek. Working closely with our European Syndicate team, our local coverage teams in Singapore demonstrated how our deep experience and knowledge of the European investor base can deliver access and value to institutional investors across the globe. It also helps to enable Temasek to continue to deliver sustainable value over the long-term for both investors and the Singaporean community.