Asia’s first ever infrastructure project finance securitisation, Bayfront Infrastructure Capital Pte. Ltd. (BIC) offers investors exposure to a portfolio of high-quality project and infrastructure loans in Asia-Pacific and the Middle East.

The world’s first publicly issued securitisation with a dedicated sustainability tranche, Bayfront Infrastructure Capital II Pte. Ltd. (BIC II) offered investors exposure to a high-quality portfolio of project and infrastructure loans across Asia-Pacific, the Middle East and South America.

Featuring a dedicated Aaa-rated sustainability tranche, Bayfront Infrastructure Capital III Pte. Ltd. (BIC III) offered a diversified portfolio of high-quality project and infrastructure loans across Asia-Pacific, the Middle East and the Americas.

With a focus on renewable energy, Bayfront Infrastructure Capital IV Pte. Ltd. (BIC IV) offered investors stable, long-term cash flows through a diverse portfolio of project and infrastructure loans and bonds across Asia-Pacific, the Middle East, the Americas and Africa.

<div><div class="table-responsive"><figure class="table"><table class="table table-striped table-bordered text-center table-issuance-summary"><thead class="blue"><tr><th rowspan="2">Class1</th><th rowspan="2">Amount Issued&nbsp; (US$ million)</th><th rowspan="2">Amount Outstanding4 (US$ million)</th><th colspan="2">Issue Ratings (Moody’s)</th><th rowspan="2">Spread5</th><th rowspan="2">Legal Maturity Date</th></tr><tr><th>Original</th><th>Current</th></tr></thead><tbody><tr><th>A1</th><td>208.7</td><td>137.9</td><td>Aaa (sf)</td><td>Aaa (sf)</td><td>140 bps</td><td>11-Apr-2043</td></tr><tr><th>A1-SU</th><td>145.0</td><td>95.8</td><td>Aaa (sf)</td><td>Aaa (sf)</td><td>137.5 bps</td><td>11-Apr-2043</td></tr><tr><th>B</th><td>76.8</td><td>76.8</td><td>Aa1 (sf)</td><td>Aa1 (sf)</td><td>180 bps</td><td>11-Apr-2043</td></tr><tr><th>C</th><td>32.0</td><td>32.0</td><td>A3 (sf)</td><td>A3 (sf)</td><td>350 bps</td><td>11-Apr-2043</td></tr><tr><th>D2</th><td>20.3</td><td>20.3</td><td>Not rated</td><td>Not rated</td><td>275 bps</td><td>11-Apr-2043</td></tr><tr><th>Pref Shares3</th><td>25.5</td><td>25.5</td><td>Not rated</td><td>Not rated</td><td>N.A.</td><td>-</td></tr><tr><th>Total</th><td>508.3</td><td>388.2</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr></tbody></table></figure></div>1&nbsp;Class A - C notes are rated by Moody’s and listed on the Singapore Exchange. 2&nbsp;Class D Notes are unlisted and unrated, and are guaranteed by GuarantCo Ltd for principal and interest amounts payable. GuarantCo is rated A1 by Moody’s as of July 2024 and AA- by Fitch as of May 2024. 3&nbsp;Not offered, solely retained by Clifford Capital Asset Finance (CCAF), formerly known as Bayfront Infrastructure Management Pte. Ltd., as Sponsor of the transaction. 4&nbsp;As of 13 October 2026 5&nbsp;Spread is applied over 6-month Daily Non-Cumulative Compounded Secured Overnight Floating Rate (SOFR).</div>

Bayfront Infrastructure Capital V Pte. Ltd. (BIC V) offered investors exposure to a high-quality, diversified portfolio of project and infrastructure loans and bonds in Asia-Pacific, the Middle East, the Americas and Africa.

<div><div class="table-responsive"><figure class="table"><table class="table table-striped table-bordered text-center table-issuance-summary"><thead class="blue"><tr><th rowspan="2">Class1</th><th rowspan="2">Amount Issued&nbsp; (US$ million)</th><th rowspan="2">Amount Outstanding3 (US$ million)</th><th colspan="2">Issue Ratings (Moody’s)</th><th rowspan="2">Spread4</th><th rowspan="2">Legal Maturity Date</th></tr><tr><th>Original</th><th>Current</th></tr></thead><tbody><tr><th>A1</th><td>198.9</td><td>138.7</td><td>Aaa (sf)</td><td>Aaa (sf)</td><td>130 bps</td><td>11-Apr-2045</td></tr><tr><th>A1-SU</th><td>170.0</td><td>118.6</td><td>Aaa (sf)</td><td>Aaa (sf)</td><td>129 bps</td><td>11-Apr-2045</td></tr><tr><th>B</th><td>74.8</td><td>74.8</td><td>Aa1 (sf)</td><td>Aaa (sf)</td><td>165 bps</td><td>11-Apr-2045</td></tr><tr><th>C</th><td>35.8</td><td>35.8</td><td>Baa1 (sf)</td><td>A2 (sf)</td><td>300 bps</td><td>11-Apr-2045</td></tr><tr><th>D</th><td>21.0</td><td>21.0</td><td>Not rated</td><td>Not rated</td><td>550 bps</td><td>11-Apr-2045</td></tr><tr><th>Subordinated Notes2</th><td>26.5</td><td>26.5</td><td>Not rated</td><td>Not rated</td><td>N.A.</td><td>11-Apr-2045</td></tr><tr><th>Total</th><td>527.0</td><td>415.4</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr></tbody></table></figure></div>1&nbsp;The Class A – D notes are listed on the Singapore Exchange. The Class A – C Notes are rated by Moody’s. 2&nbsp;Clifford Capital Asset Finance (CCAF), formerly known as Bayfront Infrastructure Management Pte. Ltd., in its capacity as the Sponsor, has subscribed for 5% of each Class of Notes (including the Subordinated Notes) in order to comply with the UK Risk Retention Rules and EU Risk Retention Rules. Clifford Capital Holdings Pte. Ltd. has subscribed for 95% of the Subordinated Notes. 3&nbsp;As of 13 October 2026 4&nbsp;Spread is applied over Daily Non-Cumulative Compounded SOFR. &nbsp;</div>

Bayfront Infrastructure Capital VI Pte. Ltd. (BIC VI) offered investors exposure to a high-quality, diversified portfolio of project and infrastructure loans and bonds in Asia-Pacific, the Middle East and the Americas, in the form of investment grade rated and unrated notes.

<div class="table-responsive"><figure class="table"><table class="table table-striped table-bordered text-center table-issuance-summary"><thead class="blue"><tr><th rowspan="2">Class1</th><th rowspan="2">Amount Issued&nbsp; (US$ million)</th><th rowspan="2">Amount Outstanding3 (US$ million)</th><th colspan="2">Issue Ratings3 (Moody’s)</th><th colspan="2">Issue Ratings3 (Fitch)</th><th rowspan="2">Spread4</th><th rowspan="2">Legal Maturity Date</th></tr><tr><th>Original</th><th>Current</th><th>Original</th><th>Current</th></tr></thead><tbody><tr><th>X</th><td>17.0</td><td>0.0</td><td>Aaa (sf)</td><td>Aaa (sf)</td><td>AAA sf</td><td>AAA sf</td><td>105bps</td><td>11 April 2048</td></tr><tr><th>A</th><td>476.8</td><td>433.4</td><td>Aaa (sf)</td><td>Aaa (sf)</td><td>AAA sf</td><td>AAA sf</td><td>128bps</td><td>11 April 2048</td></tr><tr><th>B</th><td>105.8</td><td>105.8</td><td>Aa3 (sf)</td><td>Aa2 (sf)</td><td>Not rated</td><td>Not rated</td><td>160bps</td><td>11 April 2048</td></tr><tr><th>C</th><td>42.3</td><td>42.3</td><td>Baa3 (sf)</td><td>Baa2 (sf)</td><td>Not rated</td><td>Not rated</td><td>295bps</td><td>11 April 2048</td></tr><tr><th>D</th><td>28.2</td><td>28.2</td><td>Not rated</td><td>Not rated</td><td>Not rated</td><td>Not rated</td><td>500bps</td><td>11 April 2048</td></tr><tr><th>Subordinated Notes2</th><td>35.4</td><td>35.4</td><td>Not rated</td><td>Not rated</td><td>Not rated</td><td>Not rated</td><td>N.A.</td><td>11 April 2048</td></tr><tr><th>Total</th><td>705.5</td><td>645.1</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr></tbody></table></figure></div>1&nbsp;The Class X – D notes are listed on the Singapore Exchange. The Class X - C Notes are rated by Moody’s and the Class X - A Notes are rated by Fitch. 2&nbsp;Clifford Capital Asset Finance (CCAF), in its capacity as the Originator, has subscribed for 5% of each Class of Notes (including the Subordinated Notes) in order to comply with the UK Risk Retention Rules, EU Risk Retention Rules and US Risk Retention Rules. Clifford Capital Holdings Pte. Ltd. has subscribed for 95% of the Subordinated Notes. 3&nbsp;As of 13 October 2026 4&nbsp;Spread is applied over Daily Non-Cumulative Compounded SOFR. &nbsp;

Bayfront IABS VII Pte. Ltd. (Bayfront VII) marks the Clifford Capital Group’s debut infrastructure asset-backed securities (IABS) issuance in Rule 144A / Regulation S format, extending its reach  to a broader global institutional investor base. Our largest IABS  transaction and most granular portfolio to date, with exposure to projects and obligors in Asia-Pacific, the Middle East, Europe, North America and South America. Bayfront VII was also the first IABS issuance to feature two credit ratings from international rating agencies – Moody’s and Fitch.

<div class="table-responsive"><figure class="table"><table class="table table-striped table-bordered text-center table-issuance-summary"><thead class="blue"><tr><th rowspan="2">Class1</th><th rowspan="2">Amount Issued&nbsp; (US$ million)</th><th rowspan="2">Amount Outstanding (US$ million)3</th><th colspan="2">Issue Ratings (Moody’s)3</th><th colspan="2">Issue Ratings (Fitch)3</th><th rowspan="2">Spread4</th><th rowspan="2">Legal Maturity Date</th></tr><tr><th>Original</th><th>Current</th><th>Original</th><th>Current</th></tr></thead><tbody><tr><th>A</th><td>498.7</td><td>498.7</td><td>Aaa (sf)</td><td>Aaa (sf)</td><td>AAA sf</td><td>AAA sf</td><td>138bps</td><td>11 July 2047</td></tr><tr><th>B</th><td>124.7</td><td>124.7</td><td><span style="-webkit-text-stroke-width:0px;caret-color:rgb(0, 0, 0);color:rgb(0, 0, 0);display:inline !important;float:none;font-family:Arial, sans-serif;font-size:13.333333px;font-style:normal;font-variant-caps:normal;font-weight:400;letter-spacing:normal;orphans:auto;text-align:left;text-decoration:none;text-indent:0px;text-transform:none;white-space:normal;widows:auto;word-spacing:0px;">Aa2 (sf)5</td><td>Aa2 (sf)</td><td>Not rated</td><td>Not rated</td><td>180bps</td><td>11 July 2047</td></tr><tr><th>C</th><td>44.0</td><td>44.0</td><td>Baa3 (sf)</td><td>Baa3 (sf)</td><td>Not rated</td><td>Not rated</td><td>340bps</td><td>11 July 2047</td></tr><tr><th>D</th><td>29.3</td><td>29.3</td><td>Not rated</td><td>Not rated</td><td>Not rated</td><td>Not rated</td><td>540bps</td><td>11 July 2047</td></tr><tr><th>Sub Notes2</th><td>36.6</td><td>36.6</td><td>Not rated</td><td>Not rated</td><td>Not rated</td><td>Not rated</td><td>N.A.</td><td>N.A. (Perpetual)</td></tr><tr><th>Total</th><td>733.3</td><td>733.3</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr></tbody></table></figure></div>1 The Class A – D notes are listed on the Singapore Exchange. The Class A - C Notes are rated by Moody’s and the Class A Notes are rated by Fitch. 2 Clifford Capital Asset Finance (CCAF), in its capacity as the Risk Retention Holder, has subscribed for 5% of each Class of Notes (including the Subordinated Perpetual Notes) in order to comply with the UK Risk Retention Rules, EU Risk Retention Rules and US Risk Retention Rules. Clifford Capital Holdings Pte. Ltd. has subscribed for 95% of the Subordinated Perpetual Notes. 3 As of 6 May 2026. 4 Spread is applied over Daily Non-Cumulative Compounded SOFR. 5 The Class B tranche was initially rated Aa3(sf) at launch of the transaction (as seen in the Moody’s Pre-sale Report), and was subsequently upgraded to Aa2 on issue date. &nbsp;

Bayfront IABS VIII Pte. Ltd. (Bayfront VIII) is the 8th public IABS issuance by Clifford Capital, offering investors exposure to a diversified portfolio of project and infrastructure loans and bonds across the globe. It is the second consecutive issuance in 144A / Regulation S format, extending its reach to qualified institutional buyers and qualified purchasers (QIBs / QPs). The Bayfront IABS programme continues to be the only IABS / Infra CLO globally to feature notes (Class A) with dual ratings from Moody’s and Fitch.

<div class="table-responsive"><figure class="table"><table class="table table-striped table-bordered text-center table-issuance-summary"><thead class="blue"><tr><th rowspan="2">Class1</th><th rowspan="2">Amount Issued&nbsp; (US$ million)</th><th rowspan="2">Amount Outstanding (US$ million)3</th><th colspan="2">Issue Ratings (Moody’s)3</th><th colspan="2">Issue Ratings (Fitch)3</th><th rowspan="2">Spread4</th><th rowspan="2">Issue Price</th></tr><tr><th>Original</th><th>Current</th><th>Original</th><th>Current</th></tr></thead><tbody><tr><th>A</th><td>553.7</td><td>553.7</td><td>Aaa (sf)</td><td>Aaa (sf)</td><td>AAA (sf)</td><td>AAA (sf)</td><td>127 bps</td><td>100%</td></tr><tr><th>B</th><td>128.4</td><td>128.4</td><td><span style="-webkit-text-stroke-width:0px;caret-color:#000000;color:#000000;display:inline !important;float:none;font-family:Arial, sans-serif;font-size:13.333333px;font-style:normal;font-variant-caps:normal;font-weight:400;letter-spacing:normal;orphans:auto;text-align:left;text-decoration:none;text-indent:0px;text-transform:none;white-space:normal;widows:auto;word-spacing:0px;">Aa2 (sf)</td><td>Aa2 (sf)</td><td>Not rated</td><td>Not rated</td><td>158 bps</td><td>100%</td></tr><tr><th>C</th><td>48.1</td><td>48.1</td><td>Baa2 (sf)</td><td>Baa2 (sf)</td><td>Not rated</td><td>Not rated</td><td>288 bps</td><td>100%</td></tr><tr><th>D</th><td>32.1</td><td>32.1</td><td>Not rated</td><td>Not rated</td><td>Not rated</td><td>Not rated</td><td>500 bps</td><td>100%</td></tr><tr><th>Sub Notes2</th><td>40.1</td><td>40.1</td><td>Not rated</td><td>Not rated</td><td>Not rated</td><td>Not rated</td><td>N.A.</td><td>N.A.</td></tr><tr><th>Total</th><td>802.4</td><td>802.4</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr></tbody></table></figure></div>1 The Class A – D notes are listed on the Singapore Exchange. The Class A - C Notes are rated by Moody’s and the Class A Notes are rated by Fitch. 2 Clifford Capital Asset Finance (CCAF), in its capacity as the Risk Retention Holder, has subscribed for 5% of each Class of Notes (including the Subordinated Perpetual Notes) in order to comply with the UK Risk Retention Rules, EU Risk Retention Rules and US Risk Retention Rules. Clifford Capital Holdings Pte. Ltd. has subscribed for 95% of the Subordinated Perpetual Notes. 3 As of 29 September 2026. 4 Spread is applied over Daily Non-Cumulative Compounded SOFR. 5 The Class C tranche was initially rated Baa3 (sf) at launch of the transaction (as seen in the Moody’s Pre-sale Report), and was subsequently upgraded to Baa2 (sf) on issue date. &nbsp;

Bayfront IABS IX Pte. Ltd. (Bayfront IX) is the 9th public IABS issuance by Clifford Capital, offering investors exposure to a diversified portfolio of project and infrastructure loans and bonds across the globe. It is the third consecutive issuance in 144A / Regulation S format, extending its reach to qualified institutional buyers and qualified purchasers (QIBs / QPs). The Bayfront IABS programme continues to be the only IABS / Infra CLO globally to feature notes (Class A) with dual ratings from Moody’s and Fitch. 

Priced in September 2023, BIC IV focused on renewable energy and  offered investors stable, long-term cash flows through a diverse  portfolio.

Bayfront Infrastructure Capital IV

Bayfront Infrastructure Capital IV

Investor relations

Offering document

Moody’s rating reports

Payment date and investor reports

Audited financial statements

Sustainability notes pre-issuance eligibility assessment

Sustainability notes post-issuance impact reports

Get in touch to invest in our securities products

Contact our team

More ways to invest

BIC IV

BIC V

BIC VI