SGX welcomes Asia's first infrastructure finance securitisation notes

Bayfront Infrastructure Capital will issue Class A, B, and C notes.

Singapore Exchange (SGX) introduced Bayfront Infrastructure Capital’s (BIC) infrastructure project finance securitisation notes as the first of its kind to facilitate institutional investor access to infrastructure debt in Asia-Pacific and the Middle East, an announcement revealed.

Sponsored by Clifford Capital, BIC issued for classes of notes including Class A Notes worth US$320.6m, Class B Notes worth US$72.6m, Class C Notes worth US$19m, and Subordinated Notes worth US$45.8m.

SGX said that the notes are backed by a US$458m portfolio of bank-syndicated project finance and infrastructure loans across 16 countries and eight industry sub-sectors.

BIC’s investment grade-rated Class A, B, and C Notes were offered to institutional investors. As a sponsor of the transaction, Clifford Capital will acquire and intends to retain the Subordinated Notes.

“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,” SGX head of equities and fixed income Chew Sutat commented.