Global law firm Clifford Chance has advised on the issuance of US$733.3 million infrastructure asset-backed securities (IABS) by Bayfront IABS VIII Pte. Ltd. (Bayfront VIII), a newly incorporated distribution vehicle of Clifford Capital.
This transaction is Clifford Capital’s eighth public IABS issuance and its largest IABS issuance to date. It features a diversified portfolio of 44 individual project finance and infrastructure loans and bonds across 40 obligors based in Asia Pacific, Europe and the Americas.
The transaction is Clifford Capital’s second successive issuance in Rule 144A / Reg S format and comprises four classes of USD‑denominated Senior Secured Floating Rate Notes, together with a subordinated tranche. The Class A Notes are dual‑rated by Moody’s and Fitch, and all Senior Notes are listed on the Singapore Exchange.
Partner Francis Edwards said, “Infrastructure debt continues to attract a deep and increasingly global investor base. Transactions such as Bayfront VIII demonstrate how securitisation programmes continue to facilitate institutional participation at scale in infrastructure debt as an asset class.”
Clifford Chance advised the joint global coordinators, joint bookrunners and joint lead managers on aspects of English, US and Singapore law: BNP Paribas, J.P. Morgan Securities plc and Société Générale, together with MUFG Securities Asia Limited, Singapore Branch and Standard Chartered Bank (Singapore) Limited as joint bookrunners and joint lead managers.
The Clifford Chance team included: Deal advice: Partners Francis Edwards and Lena Ng, senior associate Nicholas Henneberry, and associate Alice Tsui; Project & Infrastructure aspects: Partner Mel Chan and associate Didi Hu;
US law: Partners Robert Villani and Matt Lyons; and US tax: Partner Avrohom Gelber and associate Kade Moural.
Partner Bruce Kahl and his team acted as trustee counsel, advising Citicorp International Limited. Associate Ebony Williams also supported the transaction by assisting on matters related to ERISA.
Clifford Chance is a market leader advising on the full range of sustainable debt capital markets products. The firm advised on Clifford Capital’s previous IABS issuances, including its US$705.5 million and US$527 million issuances in 2025, US$508.3 million issuance in 2024, US$410 million issuance in 2023, US$402.7 million issuance in 2022, and its landmark US$401 million issuance in 2021.
