Clifford Capital issues new infra ABS
Clifford Capital has issued a new infrastructure asset-backed securities, its first that is denominated in Australian dollars.
The A$455m (US$$325m) notes, which have a legal tenor of 2.7 years, were offered in four tranches and placed to institutional investors.
Class A is for A$339m, 74.5% of capital structure and 25.5% subordination; Class B, A$41, 9% of capital structure, 16.5% subordination; Class C, A$52m, 11.5% of capital structure, 5% subordination; Subordinated tranche, A$23m and 5% of capital structure.
ING was issued the Class A notes, while the Class B and Class C notes have been allocated by Clifford Capital Asset Management to managed pools of capital. Clifford Capital retained the Subordinated Notes.
The portfolio comprises 21 collateral obligors across four countries – 87% in Australia and 13% from France, Germany and the US. Sectors are split into 18.6% energy & utilities; 19.6% natural resources; 29.8% digital and social infrastructure; and 31.9% transportation & industrial.
The deal was executed via a special purpose vehicle, Bayfront IABS PP 2026-01, which is the issuer which was set up to acquire the portfolio and to issue the notes.
