These bonds are backed by cash flows from a quality diversified portfolio of 40 PE funds managed by 31 reputable general partners, with exposure to over 1,000 investee companies across various regions, vintages and sectors.
Both Class A-1 and Class A-2 Bonds are expected to be rated investment grade by Fitch and will be listed on the Mainboard of the SGX.
The total offering size of Astrea 9 PE Bonds is approximately US$[780] million, comprising $[615] million Class A-1 Bonds, US$[200] million Class A-2 Bonds, and US$[100] million Class B PIK Bonds.
Astrea 9 PE Bonds are backed by cash flows from a US$1,625 million portfolio of investments in 40 PE Funds, consisting of investments in 1,086 Investee companies. The loan-to-value ratio of the SGD Class A-1 bond tranche is estimated at 29.5%, with a first call date in August 2030.
See also: Singdollar perpetuals: A good time for issuers. Is it also a good time for investors?
The NAV of the PE portfolio is geographically diverse with 66% in the US, 26% in Europe and 8% in Asia. 83% of the portfolio is focused on buyout strategies and 17% on growth. Buyout strategies are the strongest PE strategies historically. The top 3 fund investments are Warburg Pincus Global Growth (3.8% of NAV), Triton Fund V (3.6%) and TPG Partners VIII (3.6%).
Interest rates will be determined following a bookbuilding process with institutional investors. The same rates will then be offered to retail investors.
The Astrea 9 PE Bonds are part of the Astrea Platform, which is a series of investment products based on diversified portfolios of PE Funds.
See also: Singapore bonds lure buyers despite turning expensive versus US
Started in 2006, there are eight in the Astrea series to date, with Astrea 9 being the latest addition to the Astrea Platform. The first two Astrea series were undertaken by Temasek. Since 2015, bond obligations for all Astreas have been duly fulfilled to date.
The Astrea PE bonds have also enjoyed multiple credit ratings upgrades since issuance.
The PE bonds issued by Astrea III, Astrea IV and Astrea V were fully redeemed as of January 2022, December 2023 and December 2024, respectively.
