Deutsche Bank and Morgan Stanley have been mandated by Singapore Technologies Engineering to make a benchmark dollar-denominated bond issue.

A source close to the deal said: “Investor presentations for the deal will be held in Singapore on July 7, in Hong Kong on July 8 and in London on July 9, with a deal likely to be followed, subject to market conditions.”

The rating agency Standard & Poor’s has given AAA rating to Singapore Technologies Engineering, which is 49-percent owned by state investor Temasek Holdings.

It was specified earlier on Monday by the engineering conglomerate that it intends to raise $1.2 billion worth of medium term notes in an array of currencies to fund future investments, including acquisitions and debt refinancing.
 
ST Engineering Financial I Ltd, its wholly-owned subsidiary would be the entity to issue the notes, which will be "unconditionally and irrevocably guaranteed by ST Engineering".