Temasek-backed Clifford Capital prices US$1 billion government-guaranteed bond offering

[SINGAPORE] Singapore-headquartered infrastructure credit platform Clifford Capital on Tuesday (Jan 6) priced a US$1 billion fixed-rate bond offering.

The bonds are guaranteed by the Singapore government and are rated AAA by both Moody’s and Standard & Poor’s, said Clifford Capital, which counts Temasek, DBS and ADB among its shareholders.

The offering comprises two tranches, both of which are priced at par.

One US$500 million tranche of three-year notes issued by Clifford Capital Asset Finance carries a coupon of 3.852 per cent, while the US$500 million five-year notes issued by Clifford Capital Credit Solutions carries a coupon of 4.037 per cent. The coupon rates correspond to a spread of 32 basis points over both the respective US Treasury benchmarks.

Clifford Capital said that the offering was “significantly oversubscribed” and attracted a broad, high-quality investor base across public sector institutions, banks, asset managers, corporates and private banks.

The offering drew strong participation from Asia, the off-shore area of the US, as well as Europe, the Middle East and Africa, it added.

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Proceeds from the transaction will be used for general corporate purposes, supporting Clifford Capital’s ongoing infrastructure debt origination, distribution and investment activities.

HSBC, JPMorgan and Standard Chartered Bank acted as joint global coordinators and joint lead managers for the transaction. DBS, SMBC Nikko, Societe Generale and UBS were joint lead managers.