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Clifford Chance advises on Bayfront Infrastructure’s US$410 million infrastructure asset-backed securities

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22 September 2023

Clifford Chance advises on Bayfront Infrastructure’s US$410 million infrastructure asset-backed securities

Global law firm Clifford Chance has advised Citi, Standard Chartered Bank, ING, OCBC, Société Générale and SMBC Nikko as joint lead managers and joint bookrunners on Bayfront Infrastructure Management Pte. Ltd’s ("Bayfront") US$410.3 million infrastructure asset-backed securities (IABS) issuance by Bayfront Infrastructure Capital IV Pte. Ltd.

The transaction is Bayfront's fourth securitisation, offering five classes of notes to institutional investors (Class A1, Class A1-SU, Class B, Class C and Class D) of which four classes (Class A, B and C) were rated and listed on the Singapore Exchange. This includes a dedicated sustainability tranche backed by eligible green and social assets that meets the eligibility criteria specified in the Bayfront Sustainable Finance Framework dated August 2023. This latest transaction will expose investors to US$410.3 million portfolio of 40 individual loans and bonds, 33 projects loans across 15 countries and 10 industry sub-sectors.

This latest issuance also introduced a number of novel features, including the provision of a guarantee from GuarantCo Ltd for the unrated Class D notes and the United Kingdom's Foreign, Commonwealth & Development Office investing in the equity tranche as part of its Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) programme.

The project involved a cross-border Clifford Chance team from Singapore and London with expertise in securitisation, structured financing and capital markets. The team was led by partner Paul Landless with support from partner Gareth Deiner, senior associate Nicholas Henneberry, associates Didi Hu and Joel Sherard, and trainee solicitor Edwin Choi.

Partner Paul Landless said, "We are pleased to have been mandated to advise on all aspects of this innovative transaction as to English, Singapore and US securities law. It is a privilege for Clifford Chance to be involved again in supporting Bayfront's IABS programme, which reinforces Singapore’s status as a hub for infrastructure financing."

Senior associate Nicholas Henneberry added, "This issuance leverages the firm’s track record to deliver global expertise in project financing, securitisation and structured debt in capital markets, and takes another important step in addressing the region's significant infrastructure funding gap."

This transaction continues Clifford Chance’s long-standing relationship with Bayfront, having also previously advised the Joint Lead Managers on its Bayfront Infrastructure Capital II and Bayfront Infrastructure Capital III transactions in June 2021 and September 2022 respectively.
 

高伟绅律师事务所为Bayfront Infrastructure 4.1亿美元基础设施资产担保证券发行提供法律服务

国际律师事务所高伟绅就Bayfront Infrastructure Management Pte. Ltd(Bayfront)发起4.103亿美元基础设施资产担保证券(IABS),为担任联席牵头行和联席簿记行的花旗银行、渣打银行、ING、华侨银行、法国兴业银行和SMBC Nikko提供法律服务。

该交易是Bayfront的第四次证券化交易,向机构投资者发行了五级票据(A1级、A1-SU级、B级、C级和D级),其中四级(A1级、A1-SU级、B级和C级)获得穆迪评级并在新加坡交易所上市。其中包括由符合2023年8月《Bayfront可持续金融框架》中规定的资格标准的合格绿色和社会资产担保的可持续发展A1-SU级票据。这项最新交易将为投资者提供4.103亿美元的投资组合,包括40笔贷款和债券、33个项目贷款,涉及15个国家和10个行业子部门。

这次发行还引入了一些新的特点,包括由GuarantCo Ltd为未评级的D级票据提供担保,以及英国外交、联邦和发展事务部作为其“通过上市产品结构调动机构资本(MOBILIST)”计划的一部分投资于交易的权益级。

高伟绅新加坡办公室和伦敦办公室组成的跨国团队,为联席牵头行提供法律服务。该团队在证券化、结构性融资和资本市场方面具有专长,由合伙人Paul Landless领导,合伙人Gareth Deiner、高级律师 Nicholas Henneberry、律师Didi Hu和Joel Sherard以及实习律师Edwin Choi提供支持。

高伟绅伦敦办公室合伙人Bruce Kahl牵头的团队为受托人花旗国际有限公司提供了法律服务。

高伟绅香港办公室合伙人杨大志和外国法律顾问律师 (澳洲新南威尔士)鹿麟牵头的团队为GuarantCo Ltd提供了法律服务。

合伙人Paul Landless表示:我们很高兴受委托就这一创新交易提供英国、新加坡和美国证券法方面的法律服务。高伟绅很荣幸再次参与支持Bayfront的IABS计划,该计划巩固了新加坡作为基础设施融资中心的地位。

高级律师 Nicholas Henneberry补充道:“此次发行充分发挥了高伟绅资本市场项目融资、证券化和结构性债务方面的全球专业知识,为解决该地区巨大的基础设施资金缺口迈出了重要的一步。
本交易延续了高伟绅与Bayfront的长期合作关系,此前高伟绅还分别于2021年6月和2022年9月为Bayfront II和Bayfront III交易的联席牵头行提供了法律服务。