Clifford Capital, based in Singapore, has announced the successful pricing of its largest infrastructure asset-backed securities issuance, Bayfront VII, valued at US$705.5m. This issuance includes a diverse portfolio of 46 project finance and infrastructure loans and bonds, covering 44 projects across 17 countries and 13 industry sub-sectors.
Bayfront VII is notable for being Clifford Capital’s first issuance in the Rule 144A/Reg S format, allowing access to US qualified institutional buyers and purchasers. The issuance includes five classes of Senior Notes, with the Class X and Class A Notes receiving top credit ratings of Aaa (sf) and AAA sf from Moody’s and Fitch, respectively. The Class B and Class C Notes are rated Aa3 (sf) and Baa3 (sf) by Moody’s, whilst the Class D Notes remain unrated.
The securities will be listed on the Singapore Exchange, adhering to UK, EU, and US Risk Retention Rules. BNP Paribas, J.P. Morgan Securities plc, and Société Générale served as Joint Global Coordinators, Bookrunners, and Lead Managers, with MUFG Securities Asia Limited and Standard Chartered Bank (Singapore) Limited also participating.
Investor interest was diverse, with banks accounting for 39%, asset managers 29%, and insurance and pension funds 23%. Geographically, 52% of the investment came from Asia, 37% from North America, and 11% from EMEA.
Clifford Capital, established in 2012, continues to leverage its infrastructure credit platform to provide innovative financing solutions globally.
