Clifford Chance

Clifford Chance advises on Bayfront Infrastructure's landmark US$401 million securitisation of project and infrastructure debt

Leading international law firm Clifford Chance has advised Citi, ING and Standard Chartered on Bayfront Infrastructure Management Pte. Ltd's unique and innovative US$401 million infrastructure securitisation by Bayfront Infrastructure Capital II Pte. Ltd. Citi, ING and Standard Chartered were Joint Global Coordinators with ING as Sole Sustainability Structuring Adviser and Citi as Sole Structuring Adviser.

The transaction is the first publicly issued securitisation to include a sustainability tranche backed by eligible green and social assets that make up nearly half the underlying portfolio and builds on the successful issuance of Asia’s first securitisation of project and infrastructure loans by Bayfront Infrastructure Capital Pte. Ltd in 2018.   Through this latest transaction under the only existing infrastructure asset-backed securities platform in Asia Pacific, investors are exposed to a US$401.2 million portfolio of 27 project and infrastructure loans diversified across 13 countries and eight industry sub-sectors.

The project involved a cross-border Clifford Chance team from Singapore, Australia, UK and US with expertise in securitisation, capital markets and project financing. The team was led by partner Paul Landless (Singapore) and senior associate Nicholas Henneberry (Sydney), supported by partners Ross Howard (Singapore), Lena Ng (Singapore), Johannes Juette (Singapore) and Gareth Old (New York), with counsel Ying Chiang Chong (Singapore) and Julia Tsybina (London), senior associates Laurence Wong (Singapore), Mae Yen Teoh (Singapore) and Adam Wood (Perth), and associate Maddie Burrill (Sydney).

Paul Landless said, “We are pleased to have been mandated to advise on all aspects of the transaction as to English, Singapore and US securities law.  It is a privilege for Clifford Chance's securitisation team in Asia Pacific to be involved again in supporting the expansion of Bayfront Infrastructure’s platform, that mobilises institutional capital for infrastructure debt in Asia Pacific while supporting and further strengthening Singapore’s status as a hub for infrastructure financing."

Ross Howard added, "We'd like to congratulate Bayfront, Citi, ING and Standard Chartered on this landmark transaction which engages global institutional capital to support infrastructure projects that contribute to the economic development of the host countries.  We are delighted to have been able to deliver our firm's global expertise in project financing in combination with our deep understanding of securitisation and structured debt in the capital markets."