Bayfront IABS IX
portfolio
46 project and infrastructure loans and bonds
diversification
15 countries + 14 industry sub-sectors
Priced
September 2026
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.
Bayfront IABS IX
Investor relations
Issuance summary
| Class1 | Amount Issued (US$ million) | Amount Outstanding (US$ million)3 | Issue Ratings (Moody’s)3 | Issue Ratings (Fitch)3 | Spread4 | Issue Price | ||
|---|---|---|---|---|---|---|---|---|
| Original | Current | Original | Current | |||||
| A | 553.7 | 553.7 | Aaa (sf) | Aaa (sf) | AAA (sf) | AAA (sf) | 127 bps | 100% |
| B | 128.4 | 128.4 | Aa2 (sf) | Aa2 (sf) | Not rated | Not rated | 158 bps | 100% |
| C | 48.1 | 48.1 | Baa2 (sf) | Baa2 (sf) | Not rated | Not rated | 288 bps | 100% |
| D | 32.1 | 32.1 | Not rated | Not rated | Not rated | Not rated | 500 bps | 100% |
| Sub Notes2 | 40.1 | 40.1 | Not rated | Not rated | Not rated | Not rated | N.A. | N.A. |
| Total | 802.4 | 802.4 | ||||||
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.
Offering document
Moody’s rating reports
Fitch’s rating reports
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