Temasek-linked Astrea V private equity bond to satisfy investors' yearning for yield

SINGAPORE (June 17): With a subscription rate of 7.4 times, the private-equity bond fund issued by Temasek Holdings’ PE vehicle Astrea IV last year was popular with yield-seeking investors in Singapore.

Almost exactly a year later, a new offering of US$600 million ($818.7 million), the Astrea V, follows.

Thus far, the placement tranches are more than covered, with the equivalent of US$3.4 billion from more than 189 accounts wanting a piece of the action. They comprise institutional investors (70%), such as insurance companies, endowment funds and foundations, as well as accredited investors (30%), according to Azalea Asset Management — parent of the issuer and indirect subsidiary of Temasek.

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