ASTREA III

Singapore’s First Listed PE Bonds

Latest News

Astrea III’s Class A-1 Notes was upgraded to A+sf by Fitch.
Find out more at the Astrea III website.

Semi-Annual Report to Noteholders for Distribution Date 8 July 2017

• NAV of $1,052m
• Total reserves of $207m, exceeding Class A-1 Notes principal amount
• Bonus Redemption Premium for Class A-1 Notes fully reserved
• The Issuer met its interest obligations
• The Maximum LTV Ratio was not exceeded

Astrea III was recognised in 2016 by leading financial publications for:

ASTREA III OVERVIEW

Bonds Issued

  • Astrea III has assets in 34 PE Funds with a total value of US$1.1 bn
  • Four Classes of Notes ("PE bonds") totaling US$510 mm were issued to investors
  • Each Class of PE bonds caters to investors with different risk preferences and investment horizons
Class A-1 Bonds     |     S$228.0mm
  • Principal scheduled to be repaid at the end of three years
  • Pays a fixed interest of 3.90% p.a. every six months
  • Potential bonus of 0.3% of the principal at the end of three years if performance threshold is met
  • Interest rate to increase by 1.0% p.a. if principal is not repaid at the end of three years
Class A-2 Bonds     |     US$170.0mm
  • Principal scheduled to be repaid at the end of five years
  • Pays a fixed interest of 4.65% p.a. every six months
  • Interest rate to increase by 1.0% p.a. if principal is not repaid at the end of five years
Class B Bonds     |     US$100.0mm
  • Principal expected to be repaid after the redemption of Class A-2 bonds or earlier if certain conditions are met
  • Pays a fixed interest of 6.50% p.a. every six months
Class C Bonds     |     US$70.0mm
  • Does not pay cash interest every six months
  • Interest of 9.25% p.a. is compounded (added to principal) every six months and paid upon redemption of the bonds ("Paid-in-kind" or "PIK")
  • 5.0% sharing in cash flows after Sponsor return threshold is met

For information about how the transaction is structured and the portfolio composition please refer to Astrea III Transaction.