Clifford Capital has priced its largest infrastructure asset-backed securities ( IABS ) issuance to date, Bayfront VII, at US$705.5 million, as it continues to scale its global infrastructure credit platform out of Singapore.

The transaction is a new move for the firm, expanding its reach into the US investor base through a Rule 144A/Reg S structure for the first time, and further aligning with international market standards via dual credit ratings on senior notes.

“Bayfront VII marks an important milestone for Clifford Capital as our largest public IABS issuance to date and our first in the Rule 144A/Reg S format. This broadens our investor reach even further and reflects the growing interest and appetite in infrastructure returns from institutional investors,” says Clifford Capital group CEO Murli Maiya.

The issuance is backed by a portfolio of 46 project finance and infrastructure loans and bonds across 44 projects, 17 countries, and 13 sectors, including energy, transport, and social infrastructure. It also debuts a Class X tranche in response to growing demand for short-duration investments, rated Aaa ( sf ) by Moody’s and AAA sf by Fitch.

Clifford’s efforts sit at the intersection of public policy and private capital. Since launching its inaugural IABS in 2018, Clifford has brought US$3.4 billion to market, benefiting from a Singapore government mandate to support companies with a national nexus.

Investor appetite for the latest offering was geographically broad, 52% from Asia, 37% from North America, and 11% from EMEA, with banks and asset managers dominating allocations.

The transaction follows two recent deals underscoring Clifford’s commitment to sustainability-linked lending. They include a US$70 million loan for Cleantech Solar and a US$355 million facility for Indonesia’s Octa Group, both aligned with renewable energy expansion and clean infrastructure in Asia.

All the notes, except the subordinated notes, will be listed on the Singapore Exchange, and the issuance complies with the UK Risk Retention Rules, EU Risk Retention Rules, and US Risk Retention Rules.

BNP Paribas, J.P. Morgan Securities, and Société Générale were joint global coordinators, joint bookrunners, and joint lead managers, while MUFG Securities Asia and Standard Chartered Bank ( Singapore ) were joint bookrunners and joint lead managers in respect of the IABS issuance.