Astrea IV

Connecting You To Private Equity

The Astrea IV PE Bonds are the first listed retail bonds in Singapore backed by cash flows from Private Equity Funds. They represent the fourth series in the Astrea Platform and were a milestone in connecting individual investors to private equity.

Key Highlights of Semi-Annual
Distribution Report

For the period
15 Dec 2020 - 14 Jun 2021
Distribution Reference Date
31 May 2021
14 Jun 2021
Semi-annual interest paid to bondholders
US$754M
Portfolio value
US$82M
Reserved for Class A during this period
22%
Loan-to-Value Ratio

Bond information

Astrea IV Class A-1 Bonds

Stock code: RMRB


The bonds began trading on the SGX-ST Mainboard on 18 June 2018.

Identifiers
Tickers
RMRB
ISIN
SGXF92571078
Bloomberg
BBG00L3375R15
Stock Price
Date
18 Oct 2021
Time
3:44pm
Share price
$1.071
Previous close
$1.070
Change
$0.000
High
$0.000
Low
$0.000
Open
$0.000
Total Volume
0

Portfolio Activity (US$)

For the latest Distribution Period, US$177m of distributions were received from the PE Funds while US$6m was invested through capital calls. The net distributions of US$171m were applied to the Priority of Payments. These cash flow and unrealised fair value movements resulted in an ending Portfolio NAV of US$754m.


Performance Threshold Met

The net distributions of $171m were applied to the Priority of Payments. These resulted in the Performance Threshold of $313m (rounded) being met. As such, the 0.5% bonus redemption premium will be paid to Class A-1 bondholders at redemption.


Outstanding Bonds

Class Class A-1 Bonds Class A-2 Bonds Class B Bonds
Principal Amount S$242m
(US$181m)
US$210m US$110m
Interest Rate Per Annum 4.35% 5.50% 6.75%
Interest Rate Step-Up Per Annum 1.0% 1.0% N/A
Scheduled Call Date 14 June 2023 14 June 2023 N/A
Maturity Date 14 June 2028 14 June 2028 14 June 2028
Ratings (Fitch / S&P)1 A+sf2 / A (sf) A+sf3 / Not rated BBBsf / Not rated

Click the links to access the Fitch Ratings Report as well as S&P's Presale Report.

1Fitch and S&P have not provided their consent, for the purposes of Section 249 of the Securities and Futures Act, Chapter 289 of Singapore (“SFA”), to the inclusion of the information cited and attributed to them in the Prospectus, and are thereby not liable for such information under Sections 253 and 254 of the SFA (as described in the section “Credit Ratings“ of the Prospectus).

2Rated Asf at launch, Class A-1 Notes were upgraded to A+sf by Fitch on 17 May 2019. Click here for the press release.

3Rated Asf at launch, Class A-2 Notes were upgraded to A+sf by Fitch on 22 Feb 2021. Click here for the press release.



Astrea IV Prospectus dated 5 June 2018


The Prospectus 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 Prospectus is current only as at its date and the availability of the Prospectus on this website shall not create any implication that there has been no change in the Issuer's affairs since the date of the Prospectus 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 Prospectus. The Prospectus 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 Prospectus . All information contained in the Prospectus regarding the Fund Investments (as defined in the Prospectus) has not been prepared, reviewed or approved by any PE Fund (as defined in the Prospectus), 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.