The Singapore Capital Markets Committee’s Sub Committee on Infrastructure recommended the need for capital and liquidity management in relation to long dated infrastructure lending for banks, and the proportionate need by institutional investors to drive access to the asset class, create the foundation for a possible entry of a well-designed and an articulated infrastructure debt take-out facility
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 a viable structure to mobilise institutional capital for infrastructure debt in Asia-Pacific and the Middle East, demonstrating the viability of the Infrastructure Take-Out Facility concept
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.
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