Singapore Exchange (SGX) today welcomed the listing of Asia’s first infrastructure project finance securitisation notes, marking the debut of a new asset class to facilitate institutional investor access to infrastructure debt in Asia-Pacific and the Middle East.
Bayfront Infrastructure Capital Pte Ltd (BIC), which is sponsored by Clifford Capital Pte Ltd (Clifford Capital), issued four classes of Notes – Class A Notes (USD320.6 million), Class B Notes (USD72.6 million), Class C Notes (USD19.0 million) and Subordinated Notes (USD45.80 million). The Notes are backed by a USD458-million portfolio of bank-syndicated project finance and infrastructure loans spread across 16 countries and 8 industry sub-sectors.
BIC’s investment grade-rated Class A, B and C Notes, which listed on SGX today, were offered to institutional investors and received strong demand. As a sponsor of the transaction, Clifford Capital will acquire and intends to retain the Subordinated Notes.
Clive Kerner, Chief Executive Officer of Clifford Capital, says: “This is the first infrastructure project finance securitisation in Asia and an important milestone transaction for Clifford Capital, for which we are delighted to have received strong support from institutional investors. Leveraging on Clifford Capital’s experience and expertise in project finance and loan portfolio management, we are committed to developing this asset class as a long-term sustainable solution to encourage institutional participation for Asia’s fast growing infrastructure funding needs.”
Chew Sutat, Head of Equities and Fixed Income, SGX, says: “We are delighted to welcome the inaugural listing of Asia’s first infrastructure project finance securitisation notes, which widens investor access to infrastructure as an investible asset class. We are happy to support innovative capital markets solutions that not only strengthen Singapore’s position as an infrastructure financing hub but also serve Asia’s development and growth.”
