SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

The retail tranche of the Astrea VI bond issuance, Class A-1 with a coupon of 3% and a tenor of 10Y with a mandatory call after 5Y met with strong investor demand with orders exceeding S$784mn ($585mn), 3.1x issue size of S$250mn ($186mn). The issuance was launched on March 10 and was open for subscription till noon on March 16. CEO of Astrea VI parent Azalea Investment Management, which is backed by Temasek said, “We are heartened by the strong support from retail investors and greatly appreciate the encouraging response and feedback. Step by step, along with regular financial education programmes, Azalea hopes to be able to offer opportunities for retail investors to invest in the higher risk but higher returning classes of Astrea bonds, or equity-like securities in the future.” The overall issuance, combining the retail and institutional tranches, received combined orders of $3.8bn, 5.9x the total issue size of $643mn as per Business Times. The Class A-1 bonds were allocated to a total of 23,366 retail investors, which reflects the issuer’s desire to issue bonds to the broader retail investor base in Singapore.

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