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New Astrea V Issue On The Way & Astrea IV Updates
By The Asia Report  •  May 23, 2019

There’s been a slew of news and updates regarding the Astrea bonds in the last week.

Temasek-linked PE vehicle Astrea V to issue US$600m bonds

Class A-1 tranche is expected to be rated Asf and A+ (sf) by Fitch and S&P respectively, with the “sf” suffix referring to structured financial instrument.

Class A-2 bonds are expected to raise US$230 million – also scheduled to be redeemed at the end of the fifth year, while Class B, US$140 million. Both classes would be available to accredited investors and institutions only.

Similar to Astrea IV bond, this issue has structural safeguards in place, including a reserve account that builds up cash to redeem the tranches.

The underlying portfolio is valued at US$1.3 billion and is invested in 38 funds managed by 32 PE managers, giving exposure to some 860 companies in various industries including IT, consumer discretionary, financials, industrials, healthcare and communication

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By The Asia Report
Richard is passionate about teaching the principles of value investing to people from all walks of life. Richard is also a frequent guest speaker on investing and financial markets at institutions such as University College London and the London School of Economics, and at investment conferences held in Singapore ...
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