As you already know by now, the latest series in the Astrea bonds – Astrea VI, is out. Very, very hot stuff with lots of coverage in the media, so I wanted to share my views as well. Basics: What is the Astrea series of Bonds? The Astrea series of bonds is basically a set of bonds secured by private equity (PE) Funds. Think about it this way. You take 35 different PE Funds. You put them all together into a $1.5 billion portfolio. And you borrow $600 million secured against this $1.5 billion portfolio. That’s really what the Astrea VI bonds are. Before this, there was the Astrea IV (4.35%) and Astrea V (3.85%), so Astrea VI is the latest in this set. Key Features of Astrea VI Class A-1 Bonds Retail investors only get access to the Class A-1 Bonds, which are the highest and safest tranche available....