Bayfront IABS VIII
portfolio
44 project and infrastructure loans and bonds
diversification
15 countries + 10 industry sub-sectors
Priced
April 2026
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.
Bayfront IABS VIII
Investor relations
Issuance summary
| Class1 | Amount Issued (US$ million) | Amount Outstanding (US$ million)3 | Issue Ratings (Moody’s)3 | Issue Ratings (Fitch)3 | Spread4 | Legal Maturity Date | ||
|---|---|---|---|---|---|---|---|---|
| Original | Current | Original | Current | |||||
| A | 498.7 | 498.7 | Aaa (sf) | Aaa (sf) | AAA sf | AAA sf | 138bps | 11 July 2047 |
| B | 124.7 | 124.7 | Aa2 (sf)5 | Aa2 (sf) | Not rated | Not rated | 180bps | 11 July 2047 |
| C | 44.0 | 44.0 | Baa3 (sf) | Baa3 (sf) | Not rated | Not rated | 340bps | 11 July 2047 |
| D | 29.3 | 29.3 | Not rated | Not rated | Not rated | Not rated | 540bps | 11 July 2047 |
| Sub Notes2 | 36.6 | 36.6 | Not rated | Not rated | Not rated | Not rated | N.A. | N.A. (Perpetual) |
| Total | 733.3 | 733.3 | ||||||
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.
Offering document
Moody’s rating reports
Fitch’s rating reports
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