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 2023 - 14 Dec 2023
Distribution Reference Date
30 Nov 2023
14 Dec 2023
Semi-annual interest paid to bondholders
Portfolio Value
Class B Bonds fully redeemed
on 14 Dec 2023

Portfolio Activity (US$)

For the latest Distribution Period, US$66m of distributions were received from the PE Funds while US$2m was invested through capital calls. The net distributions of US$64m were applied to the Priority of Payments. These cash flow and unrealised fair value movements resulted in an ending Portfolio NAV of US$429m.

Class A-1 and A-2 Bonds are redeemed as scheduled on 14 Jun 2023 and Class B Bonds fully redeemed on 14 Dec 2023

Astrea IV PE Bonds Full Redemption Press Release

Summary of Astrea IV Bonds

ClassClass A-1 BondsClass A-2 BondsClass B Bonds
Principal AmountS$242m
Bonds Redeemed
*fully redeemed*
*fully redeemed*
*fully redeemed*
Interest Rate Per Annum4.35%5.50%6.75%1
Interest Rate Step-Up Per Annum1.0%1.0%N/A
Scheduled Call Date14 June 202314 June 2023N/A
Maturity Date14 June 202814 June 202814 June 2028
Ratings (Fitch / S&P)2AA-sf3 / AA- (sf)4A+sf5 / Not ratedAsf6 / Not rated
Redemption Premium
0.5% of Class A-1 principal amount

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

1Future semi-annual interest payments of 6.75% per annum to Class B Bondholders will be based on the outstanding principal balance of the Class B Bonds..

2Fitch 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).

3Rated Asf at launch, Class A-1 Bonds were upgraded to A+sf by Fitch on 17 May 2019. Click here for the press release. The bonds were then upgraded from A+sf to AA-sf by Fitch on 15 Feb 2022. Click here for the press release.

4Rated 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. The bonds were then upgraded from A+ (sf) to AA- (sf) by S&P on 23 December 2022. Click here for the press release.

5Rated Asf at launch, Class A-2 Bonds were upgraded to A+sf by Fitch on 22 Feb 2021. Click here for the press release.

6Rated 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.