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 Jun 2021 - 14 Dec 2021
Distribution Reference Date
30 Nov 2021
14 Dec 2021
Semi-annual interest paid to bondholders
US$718M
Portfolio value
US$63M
Reserved for Class A during this period
15.2%
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
26 May 2022
Time
6:55am
Share price
$1.037
Previous close
$1.047
Change
$0.003
High
$1.050
Low
$1.050
Open
$1.050
Total Volume
3,000

Portfolio Activity (US$)

For the latest Distribution Period, US$115m of distributions were received from the PE Funds while US$4m was invested through capital calls. The net distributions of US$111m were applied to the Priority of Payments. These cash flow and unrealised fair value movements resulted in an ending Portfolio NAV of US$718m.


Class A Fully Reserved 18 Months Ahead Of Schedule


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 AA-sf2 / A+ (sf)3 A+sf4 / Not rated Asf5 / 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 Bonds were upgraded to AA-sf by Fitch on 15 Feb 2022. Click here for the press release.

3Rated A (sf) at launch, Class A-1 Bonds were upgraded to A+ (sf) by S&P on 15 Nov 2021. Click here for the press release.

4Rated Asf at launch, Class A-2 Bonds were upgraded to A+sf by Fitch on 22 Feb 2021. Click here for the press release.

5Rated BBBsf at launch, Class B Bonds were upgraded to Asf by Fitch on 15 Feb 2022. 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.