Issue of US$600 million asset-backed securities by Astrea V Pte. Ltd.
Allen & Gledhill advised Astrea V Pte. Ltd. (“Astrea V”), as transaction counsel, on the issue of S$315 million Class A-1 secured fixed rate bonds due 2029, US$230 million Class A-2 secured fixed rate bonds due 2029 and US$140 million Class B secured fixed rate bonds due 2029 (collectively, the “Bonds”).
The Bonds are the second issuance of retail bonds in Singapore backed by cash flows from a diversified portfolio of 38 private equity funds with a net asset value of US$1,324.4 million, managed by 32 general partners.
This transaction represents a deepening of Singapore’s capital markets as it follows the success of the Astrea IV transaction in June 2018, which was the first transaction in Singapore and globally to make private equity accessible to retail investors through a private equity bond structure.
Advising Astrea V as to Singapore law were Allen & Gledhill Partners Yeo Wico, Jeanne Ong, Andrew Chan and Danny Tan.
Advising Astrea V as to Singapore tax issues was Allen & Gledhill Partner Lim Pek Bur.
