Latest Astrea bonds achieve 3.4 times subscription rate, draw over $3.4b

Fund manager Azalea increased the amount of retail bonds in Astrea 9 by 37%.

Azalea Investment Management reported that the three classes of their Astrea 9 PE bonds garnered total subscriptions of over $3.4b, achieving a subscription rate of 3.4 times the US$780m bonds offered under both placement tranches and public offers.

According to Azalea, this is its largest retail orderbook to date, reflecting investors’ confidence in Astrea’s track record and credit quality.

The total subscription received for the public offers of Class A-1 Bonds and Class A-2 Bonds was over $1.5b, which represents a subscription rate of 3.5 times of the $380m and US$50m of Bonds offered.

According to Azalea, to support growing demand amongst individual investors, it had increased the amount of retail bonds in Astrea 9 by 37% compared to Astrea 8.

The bonds will begin trading on the Singapore Exchange on 11 August.

Azalea CEO and CIO Chue En Yaw noted that the number of applications rose by nearly 30% across both public offers.

“We are truly heartened by the overwhelming response to the Astrea 9 Public Offers, which resulted in the largest retail orderbook we have seen to date. With the expanded size of the Public Offers, our aim was to meet growing retail demand for Astrea PE Bonds – and we are encouraged by the strong participation from investors,” he said.