Temasek Holdings (Private) says its wholly-owned subsidiary, Temasek Financial (I) Limited, intends to offer a $1 billion guaranteed notes due 2020 under the issuer’s US$10 billion guaranteed global medium term note programme.

The programme limit was increased from its initial US$5 billion ($7.1 billion) to US$10 billion on Feb 3 2010 to cater for the possibility of future issues under the programme, as the aggregate amount of its issues of notes under the programme to date is near the initial US$5 billion programme limit.

Under the programme, notes issued by the issuer are fully and unconditionally guaranteed by Temasek. Temasek is rated AAA by Standard & Poor’s and Aaa by Moody’s Investors Service, and the notes are rated AAA by Standard & Poor’s and Aaa by Moody’s Investors Service.

The issuer intends to provide the net proceeds from the issuance of the notes to Temasek and its investment holding companies to fund their ordinary course of business.

Approval in-principle has been obtained for the listing and quotation of the notes on the SGX.