Temasek follows Aabar in SWF exchangeable trend
Singapore government owned investment fund, Temasek, raised S$650m ($511m) on Monday evening through a bond exchangeable into a small portion of its Standard Chartered stake. It was the first zero-coupon exchangeable sold predominantly in Europe since 2004 and, following a €1.25bn deal for an Abu Dhabi sovereign wealth fund offshoot in May, provides a template for other strong, government-linked borrowers wanting to access cheap financing by using stakes in liquid holdings.
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