Bayfront IABS VII
portfolio
46 project and infrastructure loans and bonds
diversification
17 countries + 13 industry sub-sectors
Priced
November 2025
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.
Bayfront IABS VII
Investor relations
Issuance summary
| Class1 | Amount Issued (US$ million) | Amount Outstanding3 (US$ million) | Issue Ratings3 (Moody’s) | Issue Ratings3 (Fitch) | Spread4 | Legal Maturity Date | ||
|---|---|---|---|---|---|---|---|---|
| Original | Current | Original | Current | |||||
| X | 17.0 | 17.0 | Aaa (sf) | Aaa (sf) | AAA sf | AAA sf | 105bps | 11 April 2048 |
| A | 476.8 | 476.8 | Aaa (sf) | Aaa (sf) | AAA sf | AAA sf | 128bps | 11 April 2048 |
| B | 105.8 | 105.8 | Aa3 (sf) | Aa3 (sf) | Not rated | Not rated | 160bps | 11 April 2048 |
| C | 42.3 | 42.3 | Baa3 (sf) | Baa3 (sf) | Not rated | Not rated | 295bps | 11 April 2048 |
| D | 28.2 | 28.2 | Not rated | Not rated | Not rated | Not rated | 500bps | 11 April 2048 |
| Subordinated Notes2 | 35.4 | 35.4 | Not rated | Not rated | Not rated | Not rated | N.A. | 11 April 2048 |
| Total | 705.5 | 705.5 | ||||||
1 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 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 As of 25 November 2025.
4 Spread is applied over Daily Non-Cumulative Compounded SOFR.
Offering document
Moody’s rating reports
Fitch’s rating reports
Get in touch to invest in our securities products
Tap in to our award-winning Infrastructure Asset-backed Securities (IABS) programme, designed and managed for long-term returns.
