Singapore investment company Temasek Holdings raised US$2.75 billion (S$3.76 billion) from a clutch of long-dated dollar bonds, including its longest tenor of 50 years, as part of its US$25 billion guaranteed global medium-term note programme.

Temasek's move is part of a growing trend of companies in Asia selling longer-dated tenures, driven by demand from pension funds and others looking for assets that match their far-distant liabilities.

"There was strong support for the bonds from high-quality institutional, accredited and/or other specified investors globally," Temasek said in a statement yesterday.

Temasek Financial (I) Ltd, Temasek's wholly owned subsidiary, had launched the three-tranche offering comprising a 10-year, a 30.5-year and a 50-year bond on Tuesday. The final order book was nearly US$5 billion from about 285 accounts, according to a term sheet.

Temasek raised US$750 million in 10-year debt, US$1 billion in 30.5-year debt and US$1 billion in 50-year bonds. The 10-year bonds will pay a coupon of 1 per cent, the 30.5-year bonds, 2.25 per cent, and the 50-year debt, 2.5 per cent.

Asian investors were the largest purchasers of the 10-and 50-year bonds while United States investors picked up most of the 30.5-year paper, the term sheet showed.The three new bonds are each likewise rated Aaa by Moody's and AAA by S&P.

REUTERS, THE BUSINESS TIMES