Astrea III
Accessing Private Equity
The Astrea III PE Bonds were the first listed bonds in Singapore backed by cash flows from Private Equity Funds. They represent the third series in the Astrea Platform and were a significant milestone in the development of Singapore’s bond market.
Astrea III Fully Redeemed
Summary of Astrea III Notes
| Class | Class A-1 Notes | Class A-2 Notes | Class B Notes | Class C Notes |
| Principal Amount | S$228m
(US$170m) |
US$170m | US$100m | US$112m1 |
| Notes Redeemed | US$170m
*fully redeemed* |
US$170m
*fully redeemed* |
US$100m
*fully redeemed* |
US$112m
*fully redeemed* |
| Interest Rate Per Annum | 3.90% | 4.65% | 6.50% | 9.25% PIK |
| Interest Rate Step-Up Per Annum | 1.0% | 1.0% | N/A | N/A |
| Scheduled Call Date | 8 July 2019 | 8 July 2021 | - | - |
| Maturity Date | 8 July 2026 | 8 July 2026 | 8 July 2026 | 8 July 2026 |
| Ratings (Fitch / S&P) | A+sf2 / A+ (sf)3 | A+sf4 / Not rated | A+sf5 / Not rated | Not rated |
| Redemption Premium | 0.3% of Class A-1 principal amount | N/A | N/A | 5.0% of cash flows |
Click the links to access the Fitch Ratings Report as well as S&P's Presale Report.
1The Class C Principal includes 10 periods of PIK interest.
2The Class A-1 Notes were rated Asf at launch by Fitch and were upgraded to A+sf on 10 July 2017. Click here for the press release.
3The Class A-1 Notes were rated A (sf) at launch by S&P and were upgraded to A+ (sf) on 27 September 2017. Click here for the press release.
4The Class A-2 Notes were rated Asf at launch by Fitch and were upgraded to A+sf on 17 May 2019. Click here for the press release.
5The Class B Notes were rated BBBsf at launch by Fitch and were upgraded to BBB+sf on 17 May 2019. Click here for the press release. The notes were then upgraded from BBB+sf to Asf by Fitch on 28 April 2020. Click here for the press release. The notes were then upgraded from Asf to A+sf by Fitch on 22 Feb 2021. Click here for the press release.
Performance of Astrea III from Issuance to Redemption
(All amounts are in $m unless otherwise stated)
- Strong distributions totaling >100% of initial portfolio NAV at issuance
- Substantial fair value gains due to strong performance of portfolio
Astrea III Information Memorandum dated 21 June 2016
The information memorandum posted up on this website is being provided as a historical, reference source only and is not being used, and no one is authorised to use, disseminate or distribute it, in connection with any offer, invitation or recommendation to sell or issue, or any solicitation of any offer to purchase or subscribe for, securities. The information memorandum is current only as at its date and the availability of the information memorandum on this website shall not create any implication that there has been no change in the Issuer's affairs since the date of the information memorandum or that the information, statements or opinions contained therein is current as at any time subsequent to its date. The Issuer is not under any obligation to update the information memorandum. The information memorandum may contain forward-looking statements and these statements, if included, must be read with caution as set forth in the section "Forward-looking statements" in the information memorandum. All information contained in the information memorandum regarding the Fund Investments (as defined in the information memorandum) has not been prepared, reviewed or approved by any PE Fund (as defined in the information memorandum), the general partner or manager of any PE Fund, or any of their affiliates. The Issuer does not provide any advice relating to the business, financial, legal, taxation or investment matters of any recipient of any information or the information.