For those who missed it, the balloting results for Astrea V were out on Wednesday, and the bonds started trading on the SGX on Friday. Because these bonds were so hot, and because they inspired so much debate, I wanted to do a simple debrief and take the opportunity to respond to some common criticism.

The applications for Astrea V against Astrea IV are set out below:

The total number of subscriptions came in at S$820 million, slightly lower than Astrea IV’s S$890 million. The main difference though was the offer size, because Astrea V’s was 50% larger at S$180 million, so the public tranche was only 4.5 times oversubscribed versus Astrea IV’s 7.4

Balloting tables for Astrea V and Astrea IV are set