New Astrea V

[intime]

So fast another new PE bond? astrea iv feels like just yesterday...

Website: https://www.astrea.com.sg/a5/
Prospectus (Website) - https://www.astrea.com.sg/a5/resources/#prospectus
Prospectus / Product Highlights Sheet (MAS) - https://eservices.mas.gov.sg/opera/...c.aspx?shrID=bec1ae50fa6b4aa2a27c5b910c5997e4
Press Release - https://www.astrea.com.sg/file/a5/r...ss-a-1-bonds-open-for-public-subscription.pdf



Class: A-1 Public Offer
Principal amount: S$180 million ($315 million)
Interest: 3.85% p.a.
Schedule call date: 20 June 2024
Interest Rate Step-up: 1.0% p.a.
Expected Ratings (Fitch/S&P): Asf/A+ (sf)
Maturity Date: 20 June 2029

Offer period: 12 June, at 9.00 a.m. to 18 June, at 12.00 noon

- New bond issue by Temasek-linked private equity vehicle Astrea V
- Launch of Temasek’s Astrea V Secured Fixed Rate Bonds
- Astrea V Bond: What Singaporeans Need To Know
- NEW ASTREA V ISSUE ON THE WAY & ASTREA IV UPDATES
- Five things you want to know about the upcoming Astrea V PE Bonds
- S&P Presale Report
- Fitch Presale Report
- Your Ultimate Guide to Astrea V (Part I)
- Your Ultimate Guide to Astrea V (Part 2)
- The Astrea V Structured PE Bond – 3.85% Yield for Class A-1 available for Retail Investors
- Temasek offers retail investors bonds with 3.85% annual interest rate
- Astrea V Private Equity Bonds: 10 Things You Need To Know Before Investing
- Astrea V Bonds – What You Should Know About the Sequel to Astrea IV Bonds
- Astrea V Class A-1 PE Bonds
- Astrea V Class A-1 Private Equity Bonds: Important Aspects Investors Should Know
- Review of Astrea V 3.85% Class A-1 Secured Bonds: Worse than Astrea IV?

 

[Geeezz]

me find the previous huan nt worth the risk reh. taking corporate bonds returns but pte equity risk

 

[limster]

me find the previous huan nt worth the risk reh. taking corporate bonds returns but pte equity risk

need more people to come in to spread fear and say its no good!

So that I can get higher allocation!

 

[Dividends Warrior]

need more people to come in to spread fear and say its no good!

So that I can get higher allocation!

People would rather buy Hyflux 'bonds' than this

 

[Dividends Warrior]

So fast another new PE bond? astrea iv feels like just yesterday...

https://eservices.mas.gov.sg/opera/...c.aspx?shrID=bec1ae50fa6b4aa2a27c5b910c5997e4



Class: A-1
Principal amount: S$[315]million
Interest: [?]% p.a.
Schedule call date:[●] 2024
Interest Rate Step-up: 1.0% p.a.
Expected Ratings (Fitch/S&P): Asf/A+ (sf)
Maturity Date: [●] 2029

Great! Hope this is gonna be a yearly thing. I can build an Astrea bond ladder.

 

[limpoop]

So fast another new PE bond? astrea iv feels like just yesterday...

https://eservices.mas.gov.sg/opera/...c.aspx?shrID=bec1ae50fa6b4aa2a27c5b910c5997e4



Class: A-1
Principal amount: S$[315]million
Interest: [?]% p.a.
Schedule call date:[●] 2024
Interest Rate Step-up: 1.0% p.a.
Expected Ratings (Fitch/S&P): Asf/A+ (sf)
Maturity Date: [●] 2029

Read the pdf, it is a retail bond.

launch date should be tomorrow?

 

[Shiny Things]

me find the previous huan nt worth the risk reh. taking corporate bonds returns but pte equity risk

Yeah, you nailed it. This is not a "private equity bond"; it's you lending money to Temasek so they can buy private equity. They get the upside and they stick you with the downside.

The yield's nice, but if private equity ever goes down the tubes they'll stick you with the losses.

 

[blurpandasg2014]

Wow just in time

 

[SBC]

Reminded anyone about Hyflux CPS?

 

[FrostWurm]

Given the current YTM of Astrea IV due to the low i/r environment, I doubt Astrea V would be any higher than 4.0%

 

[revhappy]

If global markets plummet like in 2016, what is likely to be the impact on this bond's yield? Just asking a question.

I want to know relatively how is the risk reward Vs STI ETF for example.

 

[BBCWatcher]

This is not a "private equity bond"; it's you lending money to Temasek so they can buy private equity.

You're not even lending money to Temasek. You're lending money to a fenced, legally separate entity that Temasek happens to own.

These are not Temasek's general obligation bonds, which I happen to like. I thought Temasek's 2.7% coupon retail bond offered in 2018 was a good offer; I'm not opposed to Temasek as Temasek. But this ain't Temasek. It's merely a firewalled, legally separate vehicle for Temasek to avoid risk, to pass risk onto retail and accredited investors.

I'm quite uncomfortable with Singapore's sovereign wealth fund that's supposed to be acting in the public interest transferring its risks to retail investors in Singapore. But I guess we live in the "Wild East" where practically anything goes, because the regulators, legislators, and sovereign wealth fund administrators allow it.

What Temasek could be doing in some better regulated alternative universe is to offer local retail investors "preferred participation shares," subject to some per person cap like SSBs. You'd entrust Temasek (proper) with $1,000, let's suppose, and then Temasek would invest the money as Temasek does, charging an annual administrative fee of, say, 0.25% -- a bit lower than ES3. And then you get whatever Temasek gets generally in its investments. There'd probably also be a lock required, meaning you wouldn't be able to redeem your participation shares with Temasek within the first 5 years, let's suppose. But you probably should be allowed to sell and transfer your shares to somebody else, subject to the same per person caps. Whatever Temasek's upside or downside is, you'd participate. Temasek wouldn't be using (exploiting?) retail investors to pass its risks onto them.

 

[Toni90]

You're not even lending money to Temasek. You're lending money to a fenced, legally separate entity that Temasek happens to own.

These are not Temasek's general obligation bonds, which I happen to like. I thought Temasek's 2.7% coupon retail bond offered in 2018 was a good offer; I'm not opposed to Temasek as Temasek. But this ain't Temasek. It's merely a firewalled, legally separate vehicle for Temasek to avoid risk, to pass risk onto retail and accredited investors.

I'm quite uncomfortable with Singapore's sovereign wealth fund that's supposed to be acting in the public interest transferring its risks to retail investors in Singapore. But I guess we live in the "Wild East" where practically anything goes, because the regulators, legislators, and sovereign wealth fund administrators allow it.

What Temasek could be doing in some better regulated alternative universe is to offer local retail investors "preferred participation shares," subject to some per person cap like SSBs. You'd entrust Temasek (proper) with $1,000, let's suppose, and then Temasek would invest the money as Temasek does, charging an annual administrative fee of, say, 0.25% -- a bit lower than ES3. And then you get whatever Temasek gets generally in its investments. There'd probably also be a lock required, meaning you wouldn't be able to redeem your participation shares with Temasek within the first 5 years, let's suppose. But you probably should be allowed to sell and transfer your shares to somebody else, subject to the same per person caps. Whatever Temasek's upside or downside is, you'd participate. Temasek wouldn't be using (exploiting?) retail investors to pass its risks onto them.

Any country offer this kind of "preferred participation shares,"?

 

[hwckhs]

Just curious, will this be included in MBH?

 

[intime]

Just curious, will this be included in MBH?

I don't think so. MBH didn't include the last astrea iv.
MBH did include the latest temasek 2.7% bond.
Perhaps astrea risk too high for MBH to stomach.

 

[BBCWatcher]

Any country offer this kind of "preferred participation shares,"?

The State of Alaska does, more or less. Every state resident effectively gets one share in the Alaska Permanent Fund, and each year the Fund pays a dividend. The dividend varies according to the fund's performance, which is intimately tied to the performance of oil and gas in Alaska since that's the fund's charter/character.

Some university endowment funds offer something similar, called "charitable remainder trusts," and (I think) a few of those universities are government owned. Basically you make a decent or larger donation to the university endowment fund, usually of appreciated assets (for tax reasons). The endowment fund manages the donation with the same fund advisors and managers. The donor receives a regular dividend (similar to what the university itself receives from the endowment for its operating budget and capital investments), and when the donor dies the endowment plan keeps the remainder, for the benefit of the university. (Sometimes the trust is set up to include a survivor, such as a spouse, who continues receiving dividends as long as he/she is alive.) This arrangement is partly charitable, partly for tax optimization, partly for income, and partly for longevity insurance -- it's typically for all four motivations, combined.

 

[Captain89]

Is the previous one listed in sgx? Cant seems to find

 

[limpoop]

Is the previous one listed in sgx? Cant seems to find

https://www2.sgx.com/fixed-income/products/RMRB

 

[hwarzoner]

https://www.businesstimes.com.sg/companies-markets/temasek-linked-pe-vehicle-to-issue-us600m-bonds

 

[SibehHL]

You're not even lending money to Temasek. You're lending money to a fenced, legally separate entity that Temasek happens to own.

These are not Temasek's general obligation bonds, which I happen to like. I thought Temasek's 2.7% coupon retail bond offered in 2018 was a good offer; I'm not opposed to Temasek as Temasek. But this ain't Temasek. It's merely a firewalled, legally separate vehicle for Temasek to avoid risk, to pass risk onto retail and accredited investors.

I'm quite uncomfortable with Singapore's sovereign wealth fund that's supposed to be acting in the public interest transferring its risks to retail investors in Singapore. But I guess we live in the "Wild East" where practically anything goes, because the regulators, legislators, and sovereign wealth fund administrators allow it.

Yes you say very much the same thing for Astrea IV.... and how SIA recent bond wasn’t rated etc etc

Computer cut & paste is it?