Temasek raises $1.5 billion through 10-year bond

The Asian bond splurge seems unstoppable, and now it has reached the top of the credit pyramid. Temasek Holdings Temasek, the Singapore government-owned investment company, early yesterday morning raised $1.5 billion with a 10-year bond, riding a wave of irresistible enthusiasm for Asian names.

Investors worldwide, having poured money into bond issues launched in the US and Europe, are recognising the merits and relative value attractions of borrowers from Asia, where economic recovery appears the strongest and most sustainable.

Asian borrowers have issued more than $45 billion in bonds denominated in G3 currencies this year, according to data provider Dealogic. That compares with just $16.8 billion last year, and already exceeds the previous all-time...