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White & Case Advises AIIB on Anchor Investment in US$401 Million Infrastructure Securitization

Global law firm White & Case LLP has advised the Asian Infrastructure Investment Bank (AIIB) on its anchor investment in a US$401 million Infrastructure Asset-Backed Securities (IABS) sponsored by Bayfront Infrastructure Management (Bayfront).

"We have advised AIIB on its first capital markets investment project – a notable milestone for the organisation and a very welcome new source of liquidity for infrastructure debt finance in Asia Pacific," said White & Case partner Fergus Smith, who led the Firm's deal team. "The offering demonstrates our depth of experience across the full spectrum of capital markets products, as well as the increasing significance of sustainability as a long term infrastructure development and investment objective."

The IABS, issued through Bayfront's wholly owned distribution vehicle, Bayfront Infrastructure Capital II, offers investors exposure to a US$401 million portfolio of project and infrastructure loans to projects in Asia-Pacific, the Middle East and South America. Five classes of investment grade IABS were offered, including a US$120 million senior sustainable class, the proceeds of which are fully allocated to eligible green and social loans that meet the eligibility criteria stated in Bayfront's Sustainable Finance Framework.

Bayfront, a 70-30 joint venture between Temasek-backed Clifford Capital Holdings and the AIIB, was established in Singapore in 2019 as a platform for institutional investors to access Asia-Pacific infrastructure debt. Bayfront acquires warehouses and manages project and infrastructure loans, before securitizing them and issuing IABS.

The White & Case team that advised on the transaction included partners Fergus Smith (Singapore) and Kaya Proudian (Singapore) and counsel Xuan Jin (Hong Kong).

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