Clifford Chance advises on Bayfront Infrastructure's US$508.3 million infrastructure asset-backed securities issuance
18 July 2024
- Paul Landless, Nicholas Henneberry, Joel Sherard, Ross Howard, Mel Chan, Didi Hu, Alex Murayama, Patrick O'Connor, Karen Jiang, Gareth Old, Young Kim (He/Him), , Terry Yang, Lena Ng, Jervis Chan, Lin Lu, Audrina Keng, Greg Chan, Bruce Kahl, Andrew Whelan, Leland Hui
- Singapore, Hong Kong, New York, London
Clifford Chance advises on Bayfront Infrastructure's US$508.3 million infrastructure asset-backed securities issuance
Global law firm Clifford Chance has advised on the issuance of US$508.3 million infrastructure asset-backed securities (IABS) by Bayfront Infrastructure Capital V Pte. Ltd., a wholly owned and newly incorporated distribution vehicle of Bayfront Infrastructure Management Pte. Ltd. (Bayfront), a subsidiary of Clifford Capital.
This transaction is Clifford Capital's fifth and largest public IABS issuance to date, featuring a portfolio size spread across 37 individual loans and bonds, 36 projects, 15 countries and 10 industry sub-sectors. Investors were offered five classes of notes (Class A1, A1-SU, B, C, and D), of which four classes (Class A1, A1-SU, B and C) were rated by Moody’s and listed on the Singapore Exchange.
This IABS issuance has the largest share of sustainable assets to date, with an initial aggregate principal balance of US$218.4 million of eligible green and social assets, constituting 43% of the portfolio, under Bayfront's Sustainable Finance Framework.
Lead partner Paul Landless said, "We are delighted to act once more on Bayfront's innovative securitisation programme with another issuance. This is the largest to date and has attracted significant investor interest, advancing Clifford Capital's ongoing success in addressing the infrastructure financing needs of the APAC region. This complex and global transaction reinforces our ability to provide advice and expertise as one team across multiple specialisms."
Senior associate Nicholas Henneberry added, "This successful transaction, which was three times oversubscribed across the rated notes, demonstrates the high demand for IABS and the continued strengthening of Singapore's status as an infrastructure financing hub. Congratulations to Clifford Capital and all parties involved in this landmark issuance."
Paul led the team advising the joint global coordinators, bookrunners and lead managers of the transaction, Citi, Standard Chartered Bank, MUFG, Natixis, OCBC and Société Générale on aspects of English, US, Singapore and Hong Kong law. They include:
- Deal advice: Senior associate Nicholas Henneberry, associate Joel Sherard, and trainee Jacie Lim in Singapore;
- Project aspects: Partner Ross Howard, counsel Mel Chan, and associates Didi Hu and Alex Murayama in Singapore;
- Hong Kong law: Consultant Patrick O'Connor and associate Karen Jiang in Hong Kong;
- US/Volcker aspects: Partner Gareth Old and counsel Kim Young in New York; and
- Hedging aspects: Counsel Miles Binney and senior associate Leland Hui in London.
In addition, Hong Kong partner Terry Yang led a team advising GuarantCo Ltd, the guarantor of the Class D notes. He was supported by partner Lena Ng (Singapore), counsel Jervis Chan (Singapore) and Lin Lu (Hong Kong), and associates Audrina Keng (Singapore) and Greg Chan (Hong Kong).
Partner Bruce Kahl, senior associate Andrew Whelan and associate Micah McDonald in London also acted as trustee counsel, advising Citicorp International Limited.
Clifford Chance is a market leader in sustainable finance, having advised on Bayfront's previous IABS issuances, including its US$410 million issuance in 2023, US$402.7 million issuance in 2022, and landmark US$401 million issuance in 2021.
高伟绅律师事务所为Bayfront Infrastructure 5.083亿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Clifford Capital 的子公司Bayfront Infrastructure Management Pte. Ltd(Bayfront)新设立的全资控股子公司Bayfront Infrastructure Capital V Pte. Ltd发行5.083亿美元基础设施资产担保证券(IABS)提供法律服务。
本交易是Clifford Capital的第五次IABS发行交易,也是迄今为止最大的IABS发行交易。投资组合包括37笔贷款和债券、36个项目,涉及15个国家和10个行业子部门。交易向投资者发行五级票据(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。
本次IABS发行涉及迄今为止比例最大的可持续发展资产。发行时,符合《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的本金总额为2.184亿美元,占本次IABS交易资产组合的43%。
项目牵头合伙人Paul Landless表示,我们非常高兴能够再次为Bayfront的创新的证券化项目提供法律服务。该交易是迄今为止最大的交易,吸引了大量投资者的关注,标志着Clifford Capital在亚太地区基础设施融资领域的持续成功。本次复杂的全球性交易进一步证明了高伟绅团队提供全方位法律服务的能力。
高级律师Nicholas Henneberry补充道,本次三倍超募的评级票据的成功发行证明了市场对IABS的强劲需求,巩固了新加坡作为基础设施融资中心之一的地位。我们向Clifford Capital和本次发行的所有参与方表示祝贺。
Paul牵头负责的团队为本交易的联席全球协调人、簿记管理行和牵头管理行花旗银行(Citi)、渣打银行(Standard Chartered Bank)、三菱日联金融集团(MUFG)、法国外贸银行(Natixis)、华侨银行(OCBC)和法国兴业银行(Société Générale)提供英国法、美国法、新加坡法和香港法方面的法律服务。团队成员包括:
- 交易团队: 新加坡办公室高级律师Nicholas Henneberry、律师Joel Sherard和实习律师Jacie Lim;
- 项目融资团队: 新加坡办公室合伙人Ross Howard、顾问律师Mel Chan和律师Didi Hu 和Alex Murayama;
- 香港法团队: 香港办公室顾问律师Patrick O'Connor和律师姜文钰(Karen Jiang);
- 美国法/沃尔克法则团队: 纽约办公室合伙人Gareth Old和顾问律师Kim Young;以及
- 对冲交易团队: 高级律师Leland Hui。
此外,香港办公室合伙人杨大志牵头负责的团队为D级债券的担保人GuarantCo Ltd提供法律服务。香港办公室外国法律顾问律师(澳洲新南威尔士)鹿麟(Lin Lu)和律师陈冠强(Greg Chan),以及新加坡办公室合伙人Lena Ng、顾问律师Jervis Chan和律师Audrina Keng为D级债券的担保交易提供支持。
伦敦办公室合伙人Bruce Kahl、高级律师Andrew Whelan和律师Micah McDonald也作为受托人律师为花旗国际有限公司提供法律服务。
高伟绅在可持续发展金融法律服务市场占有领先地位,此前曾为Bayfront的多次IABS发行提供法律服务,其中包括2023年4.1亿美元的发行、2022年4.027亿美元的发行和2021年4.01亿美元的发行。