SINGAPORE - Initial price talk on Temasek Holdings' offering of 10-year US dollar-denominated bonds is for a yield spread of 90 to 95 basis points over US Treasuries, market sources told the Business Times.

Temasek, a Singapore government-owned investment firm, said on Wednesday (July 25) that the offering is part of a US$20 billion guaranteed global medium term note programme. The size of the deal was not disclosed.

The notes will be issued by Temasek Financial (I), a wholly owned subsidiary of Temasek. Temasek, which has a triple-A credit rating, will guarantee the notes.

Net proceeds will be used by Temasek and its investment holding companies to fund their ordinary course of business.

The bonds will be listed on the Singapore Exchange. They are being offered in the United States under Rule 144A, and elsewhere in the world under Regulation S.

Bank of America Merrill Lynch, Citibank, HSBC and Morgan Stanley are the managers of the deal, according to Bloomberg.