| Investee Company | Clifford Capital |
| Sector | Multi-sector |
| Country | Multi-Asia |
| Total Project Cost | USD 508.3m |
| PIDG Commitment |
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| Dates of PIDG involvement |
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Through the issuance of public infrastructure asset-backed securities, Clifford Capital, a leading infrastructure debt financing platform based in Singapore, offers investors exposure to a diversified portfolio of project and infrastructure loans across multiple geographies and sectors.
The Clifford Capital’s Bayfront Infrastructure Capital V deal helped to address the infrastructure financing gap in Asia Pacific by mobilising institutional capital for project and infrastructure debt. This transaction further addressed the limited investment grade opportunities in emerging markets infrastructure for institutional investors and provided banks an effective avenue for recycling capital into new projects.
PIDG (through GuarantCo) guaranteed the mezzanine debt (Class D) tranche in the Bayfront V infrastructure asset-backed securities transaction. This is the second collaboration between Bayfront and GuarantCo following the first transaction in September 2023.
Class D was fully subscribed by the Bank of the Philippine Islands and Chandra Asri Trading Company, helping to support the financing or refinancing of sustainable infrastructure projects in Asia.
The Class D Notes, which are unrated and unlisted, benefit from a guarantee from GuarantCo (rated A1 by Moody’s and AA- by Fitch) for principal and interest amounts payable.
The transaction presents a sustainable solution to support the building of regional green and social assets. Bayfront V has the highest proportion of sustainable assets to date, with a total commitment of USD 218.4 million of eligible green and social assets.
The IABS programme continues to help facilitate institutional participation in infrastructure debt as an asset class. The significant over-subscription rate of this fifth transaction firmly validates robust demand from infrastructure investors to access this attractive investment opportunity.
Through this transaction GuarantCo is further enhancing secondary market liquidity in its target markets.
