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Bond Market News
Astrea Prices PE-Backed Three Tranche Issuance
July 31, 2025
Astrea raised ~$775mn via a three-part multi-currency deal. It raised:
- S$615mn via a 15Y Class A-1 bond at a yield of 3.40%, 30bp inside initial guidance of 3.70% area. The note is rated A+.
- S$380mn was on public offer in Singapore through Electronic Applications (EA)
- S$235mn was offered to institutional and other investors in Singapore and elsewhere outside the USA
- The bond is mandatorily callable on 8 August 2030. The bond has a 100bp coupon step-up if there are insufficient reserves for full redemption on the scheduled call date
- $200mn via a 15Y Class A-2 bond at a yield of 5.70%, 30bp inside initial guidance of 6.00% area. The note is rated A.
- S$50mn was on public offer in Singapore through Electronic Applications (EA)
- S$150mn was offered to institutional and other investors in Singapore and elsewhere outside the USA
- The bond is mandatorily callable on 8 August 2030. The bond has a 100bp coupon step-up if there are insufficient reserves for full redemption on the scheduled call date
- $100mn via a 15Y Class B PIK bond at a yield of 7.35%, 40bp inside initial guidance of 7.75% area. The note is rated BBB, and was offered only to institutional and accredited investors in Singapore and other jurisdictions outside the USA. They were not available for retail investors in Singapore.
The Class A-1 and A-2 bonds are not capital protected, however, structural safeguards are put in place to enable timely payment of interest and principal. Both bonds are pari passu in terms of priority of payments. Orderbooks were close to $2bn, with institutional investors making up about 60% of the investor base. The bonds are backed by cash flows from a diversified portfolio which consists of investments in 40 PE funds with exposure to 1,000 diverse companies – across vintages, sectors and geographies to mitigate risks. The funds are valued at ~$1.625bn ($2.09bn). For more details, click here to view the prospectus.
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