Temasek's February sale of S$1 billion worth of bonds may turn out to be the benchmark issue for investment-grade issuers looking to access the Singapore local currency market. This is because it proved to investors and issuers that the market could match size and tenor of bonds sold in G3 currencies, but at a cheaper price. The market last facilitated a deal of this size back in May 2008, when DBS self-led the sale of its own S$1.5 billion hybrid tier-1 notes. Therefore, the Temasek deal was also a reminder of what the local Singapore market is capable of issuing.
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