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.