Bayfront prices 4th infrastructure asset-backed securities

The IABS has a portfolio size of US$410.3m.

Singapore-based Bayfront Infrastructure Management (Bayfront) has priced its fourth infrastructure asset-backed securities (IABS) (BIC IV) which has a portfolio size of US$410.3m.

In an announcement, Bayfront said BIC IV’s portfolio is spread across 40 individual loans/bonds, 33 projects, 15 countries, and 10 industry sub-sectors.

Bayfront offered five classes of notes to institutional investors: Class A1, Class A1-SU, Class B, Class C, and Class D.

The platform will issue the Class A1-SU notes under the Bayfront Sustainable Finance Framework.

“Net proceeds from the Class A1-SU Notes will be used to finance or refinance projects and infrastructure debt for eligible green and social assets meeting the eligibility criteria specified in the framework.”

Class A1-SU, alongside Class A1, Class B, and Class C notes are rated investment grade by Moody’s and will be listed on the Singapore Exchange.

As the sponsor of the transaction, Bayfront has acquired 20.6 million preference shares, comprising 5.0% of the capital structure.

The UK Foreign Commonwealth & Development Office (FCDO), as part of its Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) programme, committed an anchor investment of up to US$20.4m in the preference shares.

FCDO received a final allocation of US$5.0m, equivalent to 5.0 million preference shares.

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