Hot on the tails of the recent Astrea IV private equity bonds, comes the latest Temasek T2023 5 year Retail Bonds with a 2.7% coupon. In my recent Astrea article, I advanced the argument that Temasek (and Ho Ching) are trying to open up the retail bond scene, and I hate to say I told you so, but you know… I did write it a few months back. But let’s not take anything away from them, huge kudos to them for taking this upon themself.

These bonds are not the most complex things on earth. They’re issued by a subsidiary of Temasek (which is fairly standard corporate structuring). They’re backed by the Temasek parent, and they pay a fixed rate of 2.70% per year, bi-annually. They will be redeemed by Temasek after 5 years. The bonds will be listed on the SGX-ST so you