Astrea IV Pte. Ltd. Class A-1 Bonds Rated #A (sf)#

Stocks and Financial Services Press Releases Thursday June 14, 2018 18:47
NEW YORK--14 Jun--S&P Global Ratings
NEW YORK (S&P Global Ratings) June 13, 2018--S&P Global Ratings today assigned its 'A (sf)' rating to Astrea IV Pte. Ltd.'s 242 million Singapore dollar bonds (see list).
The bond issuance is a collateralized fund obligation, a securitization backed by a portfolio of 36 private equity funds diversified by vintage, sector, geography, and strategy.
The rating reflects:
  • The substantial private equity investing experience of the manager, Azalea Investment Management Pte. Ltd.
  • The diversification of the portfolio of funds, across fund managers, regions, investment sectors, and fund vintages.
  • The legal maturity of the bonds, which is 10 years from the closing date. Private equity cash flows are less predictable than those of fixed-income instruments but have historically followed a J-curve, which may extend up to 10 years (see "CDO Spotlight: Global Criteria for Private Equity Securitization," Jan. 18, 2006). A legal maturity date that generally matches the lifespan of a diversified portfolio of underlying private equity funds allows the transaction to be less susceptible to any short-term delay in fund distributions.
  • The static nature of the portfolio of private equity investments, which does not allow the manager to alter the composition of the portfolio through purchases of additional funds.

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