Deutsche Bank Singapore secures Singapore PE mandate

The mandate marks Singapore’s first collateralised fund obligation.
By Paul Walsh
Deutsche Bank’s Singapore branch has been mandated to provide transaction and fund administration services for Astrea III’s private equity assets. .

In Singapore’s first collateralised fund obligation, the $510 million bond issuance from Astrea is funded by cash flows generated from a pool of 34 equity funds.

Astrea Capital, a subsidiary of Azalea Asset Management, will be sponsoring the issuance.

“We are proud to launch this unique product, which is also Singapore’s first listed private equity bond, to make private equity more accessible to the wider investment community,” said Margaret Lui, CEO Azalea Asset Management.

“Deutsche Bank’s strong expertise and innovative technology used to service such structures were the key factors in our decision to work with the Bank.”

Deutsche Bank Singapore’s corporate trust and alternative fund services teams will act as transaction and fund administrator and Deutsche Bank will also take on the role of security trustee.

“Our one-stop-shop service offering for this ground-breaking transaction in Southeast Asia is a great demonstration of our market leading corporate trust and alternative fund services capabilities working together in the region,” said Ying-Ying Tan, head of global securities services Asia Pacific, Deutsche Bank.