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Astrea IV4.35%B280614
15-06-2018, 10:46 PM.
Post: #11
RE: This Temasek subsidiary's PE bond for retail investors could spice up the market
(15-06-2018, 01:32 PM)brattzz Wrote: https://www.businesstimes.com.sg/banking...-income-ho

1) Ho Ching did the sale pitch (worth the $$$!)
2) It's a Temasek's subsidiary!! 350bs vs 242milos only-Tranche A1, loose change for temasek.. Tongue
3) DBS is banker

Enough said, take my money anytime!! Tongue Tongue Tongue

This bond is to allow temasek to "double-up" on their investment quantity at this raising interest rates environment! Big Grin Big Grin

buy-buy-buy!!

It was very clearly stated in the prospectus that the bond is NOT guaranteed by Temasek. Of coz, political pressure may force Temasek to do something.

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15-06-2018, 10:58 PM.
Post: #12
RE: This Temasek subsidiary's PE bond for retail investors could spice up the market
Dbs committed to back one tranche of Ezion bonds, Ezion did default and Dbs kept to its promise.

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16-06-2018, 01:18 AM. (This post was last modified: 16-06-2018, 01:26 AM by Big Toe.)
Post: #13
RE: This Temasek subsidiary's PE bond for retail investors could spice up the market
Even the most trustworthy governments in the world are fallible.
Like wise government sponsored or linked enterprises can fail.
Wont mention names but when the push becomes a shove and the system is at risk of collapse, the government will try only save what is needed to keep the economy functioning.

We are very far from collapse and the economy is growing nicely. Plus the prudence in place, it is hard to see what can go wrong.
But somewhere down the road, it may go wrong. So relying on the reputation or the current strength of the issuer/underwriter is not sufficient because that is not the way to invest. I would prefer to see exactly how the money is invested and how the companies are going to generate the funds to pay back, adding layers of packaging makes things complicated.

But having said that, much like the Government savings bond/T bills. These are money issued NOT for the sake of raising capital but more to cater for a more vibrant PE and Bonds market in Singapore. Some fund managers can have products that have a component of these safe but lower yielding products for overall balance. So it does play a role here to add stability, vibrancy and variety.

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16-06-2018, 07:07 AM. (This post was last modified: 16-06-2018, 08:07 AM by pianist.)
Post: #14
RE: This Temasek subsidiary's PE bond for retail investors could spice up the market
(15-06-2018, 10:58 PM)CY09 Wrote: Dbs committed to back one tranche of Ezion bonds,  Ezion did default and Dbs kept to its promise.
I guess u r rite just checked the news
https://www.straitstimes.com/business/co...cked-notes
In that cased secured bond holders did managed to get back their principal by cutting the bond holding period due to default of interest payment. 
Do u know if the clauses in Astrea iv is drafted in the same manner.

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16-06-2018, 11:02 AM.
Post: #15
RE: This Temasek subsidiary's PE bond for retail investors could spice up the market
(15-06-2018, 10:26 PM)pianist Wrote: those capital call line, liquidity line 'committed' by DBS...does anyone, after reading info in the prospectus, know how committed are these lines?
can DBS turn back its words in the times of severe stress market conditions?

I believe these are at arms length business transactions. DBS give one a line of credit and then you pay to keep it open. At any time, DBS can decide to expire this line of credit and stop taking your money, by giving a notice period to their customer. Then again, i suspect these lines of credit are designed to meet liquidity issues, not solvency issues - so these line of credit should be relatively small in size.

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18-06-2018, 12:28 PM.
Post: #16
RE: This Temasek subsidiary's PE bond for retail investors could spice up the market
Checked on the sgx website that the bonds will start trading today at 9am, but i cant find it on my iocbc platform. Anyone knows what name is it trading under? the closest i can find is Aspial...

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18-06-2018, 01:33 PM.
Post: #17
RE: This Temasek subsidiary's PE bond for retail investors could spice up the market
(18-06-2018, 12:28 PM)money Wrote: Checked on the sgx website that the bonds will start trading today at 9am, but i cant find it on my iocbc platform. Anyone knows what name is it trading under? the closest i can find is Aspial...

Yes its there. You need to look under 'All securities'. No filter must be applied.

Counter Name: Astrea IV4.35%B280614

Stock code: RMRB

Current px is $1.032
There are no good stocks. Stocks are only good when they go up after you bought them.

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18-06-2018, 06:20 PM. (This post was last modified: 18-06-2018, 06:22 PM by cyclone.)
Post: #18
RE: Astrea IV4.35%B280614
Credit Ratings of the Bonds

Class -- Fitch
Class A-1 Bonds -- Asf
Class A-2 Bonds  -- Asf
Class B Bonds -- BBBsf

Class -- S&P
Class A-1 Bonds  -- A (sf)
Class A-2 Bonds -- Not rated
Class B Bonds -- Not rated

Fitch Final Ratings Report:
https://www.astrea.com.sg/file/a4/astrea...e-2018.pdf

S&P Pre-sale Rating Report:
https://www.spratings.com/documents/2018...ef83752949

Utilisation of Proceeds

Of the total gross proceeds of US$501 million raised from the issue of the Bonds, approximately US$486 million have been utilised towards repayment of a certain portion of the existing Sponsor Shareholder Loan which was incurred in connection with the Asset-Owning Companies’ acquisition of the Fund Investments.

Such use of proceeds is in accordance with the intended use of proceeds stated in the Prospectus.
Specuvestor: Asset - Business - Structure.

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