Quick Facts

  • Strategic partnership between Clifford Capital Holdings and the Asian Infrastructure Investment Bank

  • Seeks to address the large infrastructure financing gap in Asia by mobilising institutional capital for project and infrastructure loans

  • Up to US$1.98 billion capitalisation, comprising US$180 million in equity and US$1.8 billion in debt issuance capacity

  • 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)

  • Strong sponsorship by the Government of Singapore and the Monetary Authority of Singapore

  • Commitment to responsible ESG risk management and sustainable investing, with a dedicated Environmental and Social Framework and a Sustainable Finance Framework.

Partner Banks

Bayfront has signed a Memorandum of Understanding (“MOU”) 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

2014

The Singapore Capital Markets Committee’s Sub Committee on Infrastructure recommended the need for capital and liquidity management

2015

The Monetary Authority of Singapore commissioned a market study on the opportunities for increasing institutional participation in infrastructure financing in Asia

2018

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

2019

Bayfront Infrastructure Management was established as a 70/30 partnership between Clifford Capital Holdings and the Asian Infrastructure Investment Bank

2021

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).

2022

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).

2023

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.

Looking Ahead

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

Global Capital Asia Capital Market Awards 2018 BEST PROJECT FINANCE DEAL
BEST STRUCTURED FINANCE DEAL
BEST BOND DEAL
Bayfront 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

12 December 2018

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.

International Financing Review Asia Awards 2018 BEST STRUCTURED FINANCE ISSUEBayfront Infrastructure Capital Pte. Ltd.’s US$458,000,000 Project Finance Loan Securitisation

Bayfront Infrastructure Capital’s US$458m Securitisation Awarded 2018 Structured Finance Issue Of The Year By IFR Asia

17 December 2018

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.

Project Finance International Awards 2018 ASIA PACIFIC BOND OF THE YEARBayfront Infrastructure Capital Pte. Ltd.’s US$458,000,000 Project Finance Loan Securitisation

Bayfront Infrastructure Capital’s US$458m Securitisation Awarded 2018 Asia-Pacific Bond Deal Of The Year By Project Finance International (PFI)

18 December 2018

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 SECURITISATIONBayfront Infrastructure Capital Pte. Ltd.’s US$458,000,000 Project Finance Loan Securitisation

The Asset Asian Awards 2018

31 December 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 YEARBayfront Infrastructure Capital Pte. Ltd.’s US$458,000,000 Project Finance Loan Securitisation

PF & Infrastructure Journal Global Awards 2018

31 December 2018

ASIA PACIFIC REFINANCING DEAL OF THE YEAR

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

The Asset Asia Infrastructure Awards 2019

31 December 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 YEARBayfront Infrastructure Capital Pte. Ltd.’s US$458,000,000 Project Finance Loan Securitisation

Int’l Financial Law Review Asia-Pacific Awards 2019

31 December 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

Global Finance Sustainable Finance Awards 2021

12 August 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

FinanceAsia Achievement Awards 2021

15 November 2021

BEST BOND DEALBayfront Infrastructure Capital II Pte. Ltd.’s US$401,224,154 Infrastructure Asset-Backed Securities Issuance

The Asset Asia Country Awards 2021 BEST SECURITIZATION (SINGAPORE)Bayfront Infrastructure Capital II Pte. Ltd.’s US$401,224,154 Infrastructure Asset-Backed Securities Issuance

BEST SECURITIZATION (SINGAPORE)

07 January 2022

Bayfront Infrastructure Capital II Pte. Ltd.’s US$401,224,154 Infrastructure Asset-Backed Securities Issuance

GlobalCapital Asia Awards 2021 BEST STRUCTURED FINANCE DEALBayfront Infrastructure Capital II Pte. Ltd. US$401.2m Infrastructure ABS

GlobalCapital Asia Awards 2021

13 January 2022

Bayfront Infrastructure Capital II Pte. Ltd. US$401.2m Infrastructure ABS

International Financing Review Asia Awards 2021 BEST STRUCTURED FINANCE ISSUEBayfront Infrastructure Capital II Pte. Ltd.’s US$401,224,154 Infrastructure Asset-Backed Securities Issuance

International Financing Review Asia Awards 2021

18 February 2022

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 YEARBayfront Infrastructure Capital II Pte. Ltd.’s US$401,224,154 Infrastructure ABS Issuance

International Financial Law Review Asia-Pacific Awards 2022

24 March 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 ASIA PACIFIC SECURITISATION OF THE YEARBayfront Infrastructure Capital Pte. Ltd.’s US$458,000,000 Project Finance Loan Securitisation

Infrastructure Journal Global Awards 2021

20 July 2022

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

06 December 2022

Best Infrastructure Finance Singapore

International Business Magazine Business Awards 2022 Best Sustainable Investment Company Singapore

International Business Magazine Business Awards 2022

06 December 2022

Best Sustainable Investment Company Singapore

World Business Outlook Awards 2022 Leading Infrastructure Financing Hub Singapore

World Business Outlook Awards 2022

29 December 2022

Leading Infrastructure Financing Hub Singapore

World Business Outlook Awards 2022 Outstanding Leadership in Infrastructure Finance Sector SingaporeMr. Premod Thomas

World Business Outlook Awards 2022

29 December 2022

Outstanding Leadership in Infrastructure Finance Sector Singapore (Mr. Premod Thomas)

FinanceAsia Achievement Awards 2023 BEST INFRASTRUCTURE DEAL – ASIABayfront Infrastructure's US$410.3 million infrastructure securitisation

FinanceAsia Achievement Awards 2023

30 November 2023

Bayfront Infrastructure's US$410.3 million infrastructure securitisation

FinanceAsia Achievement Awards 2023 BEST PROJECT FINANCE DEAL – ASIABayfront Infrastructure's US$410.3 million infrastructure securitisation

FinanceAsia Achievement Awards 2023

30 November 2023

Bayfront Infrastructure's US$410.3 million infrastructure securitisation

FinanceAsia Achievement Awards 2023 BEST SUSTAINABLE FINANCE DEAL – ASIABayfront Infrastructure's US$410.3 million infrastructure securitisation

FinanceAsia Achievement Awards 2023

30 November 2023

Bayfront Infrastructure's US$410.3 million infrastructure securitisation