Temasek Bonds Balloting Results are out! Full Announcement details are here, but I’ll summarise the key points in this article. The Public Offer was $100 million and received $649 million applications, so it was 6.49 times subscribed. Because of the strong response Temasek upsized the Public Offer to S$250 million. Balloting Table for the Temasek Bonds are set out below, and to summarise:

• Everybody applying for $13,000 and below received full allocations
• The bulk of applicants (31.9%) applied for $14,000 to $49,000 and received $13,000
• The next level is $50,000 to $69,000 where applicants received $16,000
• There were 12 people who applied for more than $1 million and they got allocations of $105,000, which is not too bad actually

Looks like the sweet spot this time around was $13,000 (or $1 million depending on how much a high roller you are). Debrief – Response weaker than the Original 2018 Temasek Bonds? The response looks to be weaker than the Original 2018 Temasek Bonds, and like a lot of you have commented, it’s probably due to the lower...