After my last article on the Astrea 9 bond subscription strategy, I received a bunch of questions from readers about the allocation results and what to do now.

Astrea 9 has officially closed its public offer, and the allocation results are out. If you applied, you’re probably feeling excited, or maybe a bit disappointed—or even wondering what’s next.

Don’t worry. I’ll walk you through the key allocation numbers, answer the most common questions, and explain your options. Here are some highlights of the article:

• How to check your Atrea 9 allocation result
• How to buy or sell the bond after it starts trading
• How the interest works and how to handle the US$ coupon

Let’s dive in.

Astrea 9 Final Allocation Result – Strong Demand As Expected

Despite some skepticism in online forums, demand for Astrea 9 was strong, just as I expected.

• Total demand hit about S$3.4 billion for only S$780 million of bonds—roughly 3.4 times subscribed.
• For the Class A-1 (SGD) retail tranche, around 35,000 investors applied for S$1.2 billion against S$400 million available—that’s 3.2 times subscribed.
• The Class A-2 (USD) tranche saw over US$280 million applied for US$50 million, from about 12,600 investors, or 5.6 times subscribed.

The allocation follows the pattern we saw with last year’s Astrea 8 bond results.

• Smaller investors applying for S$50,000 or less generally got some allocation
• Applications above that were balloted at about 1:2

The approach is consistent with the previous launches: giving more investors a chance rather than a few big players taking everything.

Below is the allocation result of Astrea 9 Class A-1

Below is the allocation result of Astrea 9 Class A-2

One interesting note—the USD tranche remains in high demand even though many are shying away from the US dollar. Smart money knows the USD still serves as a solid diversifier, beyond common fears about currency risk.

Additional reading: Astrea 9 Bond: Why You Should Think Beyond the Yield

How to Check If You Got Allocated

By now, you should have received your allocation results through the IPO balloting process. Your allocated Astrea 9 units will appear in your CDP account since 8 August 2025, 5 pm.

To check:

• Log in to your CDP account online or via the SGX mobile app.
• Look for the bond under your holdings with these symbols:
  • ASTREA9A1400808 (for SGD tranche)
  • ASTREA9A2400808 (for USD tranche)

You should also receive an official notification from CDP a few market days after.

What If You Didn’t Get the Full Amount?

If you applied for more than you were allocated, no worries. The excess money will be refunded automatically to your bank account. The refunds should have been completed by 8 August 2025, 6 pm.

Can You Sell Before Maturity?

Definitely yes. There’s a common misconception among retail investors that bonds must be held until maturity. Not true—especially for listed bonds like Astrea 9. You can sell anytime on the secondary market.

If you bought at the IPO and the price rises, you could make a capital gain. That’s why I personally applied for all three classes—I believe there’s a good chance of near-term price appreciation.

Just remember, the bond will eventually return to par value (S$100 or US$100) at maturity or if it’s called, so any capital gains are temporary unless you sell before maturity.

Once the bond starts trading on SGX on 11 August 2025, you can buy or sell Astrea 9 bonds through your usual stockbroker—just like trading shares.

The trading symbols are:

• Class A-1 (SGD): YA1B — “Astrea9A1 3.4%400808”
• Class A-2 (USD): YA2B — “Astrea9A2 5.7%400808”

Keep in mind, prices in the secondary market will depend on demand and supply. My personal guess? The price on day one might be higher than the IPO price.

When and How Is Interest Paid?

Astrea bonds pay interest twice a year—on 8 February and 8 August. If the date falls on a weekend or public holiday, payments are made on the next business day.

The interest should be directly credited to your bank account linked to your CDP account.

How Do I Receive Interest and Principal Payment for the US$ A-2 Bonds?

The currency of the interest and principal is based on the class of bonds you choose.

• Class A-1 investors receive interest in SGD.
• Class A-2 investors receive interest in USD.

If you hold the A-2 USD bond, the interest will be credited to your designated USD bank account. If you don’t have a USD account, your bank will usually convert it to SGD at their exchange rate, which might not be favorable.

You can also choose to receive payments in USD and keep the cash balance in CDP without conversion. Just note that any USD withdrawal from CDP will incur telegraphic transfer fees plus receiving bank charges.

For retail investors with small holdings, these fees can add up compared to the interest you receive. A simple solution is to transfer the bonds to your adviser or broker’s platform—they usually hold USD cash balances and let you convert or keep the currency at your discretion.

If you have questions about this, leave your comment below or reach out to me for clarification.

Final Thoughts

If you didn’t get the full allocation you wanted, don’t be discouraged. You can always accumulate Astrea 9 gradually from the open market.

If you get the allocation you desired, congratulations! Just remember to track interest payment dates and market price so you can manage your investment well.

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