Temasek divests Keppel stake

The Singapore government agency continues its divestment program through an exchangeable bond into Keppel shares.

JPMorgan successfully completed a S$792 million $471 million exchangeable bond for Temasek on Tuesday night. The bond is exchangeable into shares of Keppel Corporation and represents 10% of Keppel's outstanding shares. Once the bonds have been exchanged, Temasek's stake in Keppel will fall from 32% to 22%.

The deal was a bought deal and was launched at 10pm Singapore time on Tuesday night and was fully sold by 11pm, according to bankers who worked on the transaction. 70% of the deal went to European accounts, 21% went to offshore US accounts and 9% went to Asian accounts. The bankers say that most of the bonds were sold to dedicated convertible buyers, although...

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