Digital Assets in Capital Markets

Advanced course on digital assets - assets created using a blockchain/DLT network - designed for finance professionals.

IBF-STS
8 CACS CPD Hours

15 November 2022 (Tuesday) | 9am-5pm

Astrea VI, backed by Temasek’s Azalea Asset Management, is planning to launch new dollar and Singapore dollar bonds with investor calls starting March 1. As per a filing with the MAS, the planned issuance will include a S$375mn ($282mn) Class A-1 tranche, comprising of a S$250mn ($188mn) public offering and a S$125mn ($94mn) placement to institutional investors and HNIs, as per IFR. Further, the company also plans to issue a $228mn Class A-2 tranche and $130mn Class B tranche, also for institutional investors and HNIs. Similar to earlier issuances (Astrea III, IV, V), the bonds will be backed by private equity funds. IFR reported that the Class A-1 and Class A-2 notes will have a call at the end of 5Y and a final maturity of 10Y, while the Class B bonds will have a fixed tenor of 10Y. The call in Class A-1 notes is mandatory if a sufficient cash buffer has been built up to redeem all Class A-1 notes and there are no outstanding credit facility loans. If not called in 5Y, there will be a one-time coupon step-up of 1%. The notes also carry a 0.5% bonus payment contingent on certain performance conditions. The public issuance is expected to launch on March 10 and run through March 16 with a minimum investment size of S$2,000 ($1,510).

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