Singapore’s Bayfront prices $559m infrastructure asset-backed securities

BENGALURU – Singapore-based Bayfront Infrastructure Management has established a new distribution vehicle with a portfolio of US$410.3 million (S$558.7 million) to provide investors with exposure to infrastructure asset-backed securities (IABS), it said on Wednesday.

The new distribution vehicle, called Bayfront Infrastructure Capital IV, is spread across 40 individual bonds, 33 projects, 15 countries and 10 industry sub-sectors, the company said.

Bayfront has acquired 20.6 million preference shares, equivalent to 5 per cent of the capital structure of the IABS, it added.

The Asian Infrastructure Investment Bank (AIIB), one of the world’s largest multilateral development institutions, participated in the transaction as an anchor investor, Bayfront said.

This is the third time AIIB is participating in such a transaction as an anchor investor, the company added.

The United Kingdom’s Foreign, Commonwealth & Development Office also committed an anchor investment of up to US$20.4 million in the preference shares and received a final allocation of US$5 million, which is equivalent to 5 million preference shares, Bayfront said. REUTERS

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