Quick Facts
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Strategic partnership between Clifford Capital Holdings and the Asian Infrastructure Investment Bank
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Seeks to address the large infrastructure financing gap in Asia by mobilising institutional capital for project and infrastructure loans
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Up to US$1.98 billion capitalisation, comprising US$180 million in equity and US$1.8 billion in debt issuance capacity
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Structured and issued 4 project and infrastructure debt securitisation transactions to date – Bayfront Infrastructure Capital (July 2018), Bayfront Infrastructure Capital II (June 2021), Bayfront Infrastructure Capital III (September 2022) and Bayfront Infrastructure Capital IV (September 2023)
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Strong sponsorship by the Government of Singapore and the Monetary Authority of Singapore
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Commitment to responsible ESG risk management and sustainable investing, with a dedicated Environmental and Social Framework and a Sustainable Finance Framework.
At a Glance
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Our Business Model
Bayfront Infrastructure Management is a platform designed for institutional investors to access Asia Pacific infrastructure debt.
Our business model is to acquire and warehouse project and infrastructure loans, as well as structure, execute and manage securitisations or other forms of distribution to institutional investors.
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Our Platforms
Distribution platforms established as entities issuing publicly listed Infrastructure Asset-Backed Securities (IABS) to institutional investors. Bayfront will also hold risk retention pieces in these issuances to demonstrate alignment of interest with investors.
Other distribution formats (in addition to public IABS) can also be considered.
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Our Dedication to Sustainability
Bayfront is committed to contributing meaningfully to the United Nations Sustainable Development Goals (SDGs) through the mobilisation of institutional investment in sustainable infrastructure financing. By facilitating the recycling of capital by banks through loan take-outs, Bayfront aims to help banks and institutional investors channel additional capital into financing green and social projects.
Partner Banks
Memorandums of Understanding (“MOU”) have been signed with each of the following banks in relation to Bayfront’s Take-Out Eligibility Framework. The execution of the MOUs aligns the understanding between each bank and Bayfront for future collaboration on the take-out mechanism for infrastructure loans, including the key principles and criteria for potential transfers of infrastructure loans from each bank to Bayfront.
The MOUs do not constitute a legally binding commitment on the part of Bayfront to acquire any loan assets, nor on the part of any bank to present any loan assets to Bayfront for consideration or transfer.
Milestones
The Singapore Capital Markets Committee’s Sub Committee on Infrastructure recommended the need for capital and liquidity management
The Monetary Authority of Singapore commissioned a market study on the opportunities for increasing institutional participation in infrastructure financing in Asia
Bayfront Infrastructure Capital (BIC) was launched as proof of concept for a viable structure to mobilise institutional capital for infrastructure debt in Asia-Pacific and the Middle East
Bayfront Infrastructure Management was established as a 70/30 partnership between Clifford Capital Holdings and the Asian Infrastructure Investment Bank
In March 2021, Bayfront Infrastructure Management established its Sustainable Finance Framework to outline the principles and guidelines for the issuance of green, social or sustainability notes, to finance the purchase of green and/or social project and infrastructure loans.
In June 2021, Bayfront launched its second securitisation platform, Bayfront Infrastructure Capital II, a US$401.2m transaction with five classes of rated Notes listed on the Singapore Exchange, including the world’s first publicly issued securitisation sustainability tranche backed by eligible green and social assets (as defined in Bayfront’s Sustainable Finance Framework).
In June 2022, Bayfront Infrastructure Management updated its Sustainable Finance Framework to align with revised industry standards and to expand the number of eligible green and social asset categories.
In August 2022, the BIC transaction was fully redeemed by Clifford Capital (as Subordinated Noteholder and Collateral Manager) pursuant to an early redemption option.
In September 2022, Bayfront launched its third securitisation platform, Bayfront Infrastructure Capital III, a US$402.7m transaction with four classes of rated Notes listed on the Singapore Exchange, including a dedicated sustainability tranche backed by eligible green and social assets (as defined in Bayfront’s Sustainable Finance Framework).
In May 2023, Bayfront successfully priced its inaugural 3-year US$500m Fixed Rate EMTN issuance at the corporate level, guaranteed by the Govt. of Singapore.
In August 2023, Bayfront published its inaugural FY2022 Task Force on Climate-related Financial Disclosures (TCFD) report, as part of our efforts towards enhancing transparency on our climate-related strategy.
In September 2023, Bayfront launched its fourth securitisation platform, Bayfront Infrastructure Capital IV, a US$410.3m transaction. Five classes of notes were offered to institutional investors, of which four are rated and listed on the Singapore Exchange, including a dedicated sustainability tranche. The mezzanine Class D Notes, which are unrated and unlisted, benefit from a guarantee from GuarantCo Ltd for principal and interest amounts payable.
In February 2024, Bayfront completed its inaugural private placement of infrastructure asset-backed securities (“IABS”)
In July 2024, the BIC II transaction was fully redeemed by Bayfront (as Majority Preference Shareholder) following the expiry of the non-call period on 11 July 2024.
In July 2024, Bayfront launched its fifth public securitsation platform, Bayfront infrastructure Capital V, a US$508.3m transaction. Five classes of notes were offered to institutional investors, of which four are rated and listed on the Singapore Exchange, including a dedicated sustainability tranche. The mezzanine Class D Notes, which are unrated and unlisted, benefit from a guarantee from GuarantCo Ltd for principal and interest amounts payable.
We will continue to work closely with our stakeholders to gain greater access to infrastructure loans, reach out to a wider network of institutional investors, as well as develop the infrastructure ecosystem in Singapore
News
Awards
BEST STRUCTURED FINANCE DEAL
BEST BOND DEALBayfront Infrastructure Capital Pte. Ltd.’s US$458,000,000 Project Finance Loan Securitisation
Bayfront Infrastructure Capital’s US$458m Securitisation Is Awarded 2018 Best Project Finance Deal, Best Structured Finance Deal And Best Bond By GlobalCapital Asia
Clifford Capital is pleased to announce that the US$458m project finance securitisation by Bayfront Infrastructure Capital Pte. Ltd. has been named by GlobalCapital Asia as the winner of the Best Project Finance Deal, Best Structured Finance Deal and Best Bond in the capital market awards for 2018.
GlobalCapital Asia noted the following in its awards citation:
“Finding novel ways to finance projects in Asia is vital… deals that further infrastructure and project finance in the region are noteworthy, and this year, Bayfront Infrastructure’s CLO stands out for using a creative structure to funnel cash into the sector.”
“… opening a new asset for project financing in Asia, and doing it with a highly sophisticated and complex deal, Bayfront’s CLO deserves recognition.”
Bayfront Infrastructure Capital Pte. Ltd. issued four classes of Notes in the first infrastructure project finance securitisation in Asia. Leveraging on Clifford Capital’s experience and expertise in project finance and loan portfolio management, Clifford Capital acted as Sponsor, Manager and Subordinated Note Investor in the transaction. Citi and Standard Chartered acted as Joint Global Coordinator for the transaction.
Bayfront Infrastructure Capital’s US$458m Securitisation Awarded 2018 Structured Finance Issue Of The Year By IFR Asia
Clifford Capital is pleased to announce that the US$458m project finance securitisation by Bayfront Infrastructure Capital Pte. Ltd. has been named by IFR Asia as the recipient of the Structured Finance Issue Award for 2018.
IFR Asia noted the following in its awards citation:
“Clifford Capital’s first securitisation of project finance loans revived Asian interest in collateralised loan obligations, created a new asset class for the region and enhanced Singapore’s claim as a centre for infrastructure financing.”
“… settled on a structure that would overcome many of the hurdles in attracting fund managers to individual projects.”
“The portfolio approach, with dozens of project finance loans as the underlying collateral pool, appealed to buyside investors looking to diversify, and freed up bank balance sheets for the next round of projects, creating a template for future deals that can help close Asia’s infrastructure funding gap.”
Bayfront Infrastructure Capital Pte. Ltd. issued four classes of Notes in the first infrastructure project finance securitisation in Asia. Leveraging on Clifford Capital’s experience and expertise in project finance and loan portfolio management, Clifford Capital acted as Sponsor, Manager and Subordinated Note Investor in the transaction. Citi and Standard Chartered acted as Joint Global Coordinator for the transaction.
Bayfront Infrastructure Capital’s US$458m Securitisation Awarded 2018 Asia-Pacific Bond Deal Of The Year By Project Finance International (PFI)
Clifford Capital is pleased to announce that the US$458m project finance securitisation by Bayfront Infrastructure Capital Pte. Ltd. has been named by leading project finance publication PFI as the winner of the Asia-Pacific Bond Deal of the Year for 2018.
PFI noted the following in its awards citation:
“… Bayfront Infrastructure Capital (BIC) was established as part of the creation of an infrastructure take-out facility (TOF), designed and structured by Clifford Capital with the twin objectives of mobilising institutional capital for infrastructure debt in Asia while providing commercial banks with an avenue to recycle their balance sheet and make room to finance new greenfield infrastructure projects.”
“The TOF has been designed to provide investors with credit-enhanced exposure to a diversified portfolio of project and infrastructure loans across multiple geographies and sectors. It acts as a bridge between commercial banks and institutional investors, providing the latter with unique access to an asset class that is not readily accessible otherwise.”
“As a new asset class and the first project finance CLO issued out of Asia-Pacific, a comprehensive and strategic investor education process was undertaken. Multiple non-deal roadshows and teleconferences were conducted across Asia-Pacific (Singapore, Hong Kong, Japan, South Korea, Philippines, Australia and New Zealand), Europe and the Middle East. This resulted in significant oversubscription across all note classes from 25 different investors.”
“… testament to the demand for such an asset class in the market and Clifford Capital looks forward to partnering with financial institutions to make the project finance asset class a mainstay in the institutional investment marketplace and thereby unlocking additional liquidity into financing infrastructure projects in the region.”
Bayfront Infrastructure Capital Pte. Ltd. issued four classes of Notes in the first infrastructure project finance securitisation in Asia. Leveraging on Clifford Capital’s experience and expertise in project finance and loan portfolio management, Clifford Capital acted as Sponsor, Manager and Subordinated Note Investor in the transaction. Citi and Standard Chartered acted as Joint Global Coordinator for the transaction.
The Asset Asian Awards 2018
BEST CROSS BORDER SECURITISATION
Bayfront Infrastructure Capital Pte. Ltd.’s US$458,000,000 Project Finance Loan Securitisation
PF & Infrastructure Journal Global Awards 2018
ASIA PACIFIC REFINANCING DEAL OF THE YEAR
Bayfront Infrastructure Capital Pte. Ltd.’s US$458,000,000 Project Finance Loan Securitisation
MOST INNOVATIVE DEAL (SINGAPORE)Bayfront Infrastructure Capital Pte. Ltd.’s US$458,000,000 Project Finance Loan Securitisation
The Asset Asia Infrastructure Awards 2019
MOST INNOVATIVE DEAL OF THE YEAR (REGIONAL)
MOST INNOVATIVE DEAL (SINGAPORE)
Bayfront Infrastructure Capital Pte. Ltd.’s US$458,000,000 Project Finance Loan Securitisation
Int’l Financial Law Review Asia-Pacific Awards 2019
STRUCTURED FINANCE & SECURITISATION DEAL OF THE YEAR
Bayfront Infrastructure Capital Pte. Ltd.’s US$458,000,000 Project Finance Loan Securitisation
Global Finance Sustainable Finance Awards 2021
OUTSTANDING SUSTAINABLE BOND – CORPORATE (GLOBAL)
Bayfront Infrastructure Capital II Pte. Ltd.’s US$120,000,000 Class A1-SU Notes
FinanceAsia Achievement Awards 2021
BEST BOND DEALBayfront Infrastructure Capital II Pte. Ltd.’s US$401,224,154 Infrastructure Asset-Backed Securities Issuance
BEST SECURITIZATION (SINGAPORE)
Bayfront Infrastructure Capital II Pte. Ltd.’s US$401,224,154 Infrastructure Asset-Backed Securities Issuance
GlobalCapital Asia Awards 2021
Bayfront Infrastructure Capital II Pte. Ltd. US$401.2m Infrastructure ABS
International Financing Review Asia Awards 2021
Bayfront Infrastructure Capital II Pte. Ltd.’s US$401,224,154 Infrastructure Asset-Backed Securities Issuance
International Financial Law Review Asia-Pacific Awards 2022
SECURITISATION AND STRUCTURED FINANCE DEAL OF THE YEAR
Bayfront Infrastructure Capital II Pte. Ltd.’s US$401,224,154 Infrastructure ABS Issuance
Infrastructure Journal Global Awards 2021
Bayfront Infrastructure Capital II Pte. Ltd.’s US$401,224,154 Infrastructure Asset-Backed Securities Issuance
International Business Magazine Business Awards 2022
Best Infrastructure Finance Singapore
International Business Magazine Business Awards 2022
Best Sustainable Investment Company Singapore
World Business Outlook Awards 2022
Leading Infrastructure Financing Hub Singapore
FinanceAsia Achievement Awards 2023
Bayfront Infrastructure's US$410.3 million infrastructure securitisation
FinanceAsia Achievement Awards 2023
Bayfront Infrastructure's US$410.3 million infrastructure securitisation
FinanceAsia Achievement Awards 2023
Bayfront Infrastructure's US$410.3 million infrastructure securitisation
Eligibility Framework
Warehousing Facility
Distribution Platforms