Clifford Capital was pleased to support the World Bank – Singapore Infrastructure Finance Summit this week as a Silver Sponsor. The summit, which was centered on the topic of “Finding New Ways to Mobilise Private Capital in Southeast Asia”, was organized jointly by the Financial Times, World Bank Group, Ministry of Finance of Singapore and the Monetary Authority of Singapore. It boasted heavyweight guests of honour and speakers including Singapore’s Minister for Finance Heng Swee Keat, Finance Ministers from various Asean countries, multilateral development banks and major project finance lenders such as DBS, Standard Chartered, SMBC and Clifford Capital.

Clifford Capital’s CEO, Clive Kerner, was a panellist in the opening panel discussion on Mobilising Private Capital – New Approaches and Structures, where he introduced Clifford Capital as a commercially-run non-bank financial institution which supports Singapore-based companies in their overseas projects. By providing financing to these projects, Clifford Capital helps to catalyse the mobilisation of private infrastructure financing in the region. Clive cited the examples of Clifford Capital working alongside other multilateral development banks and financial institutions to finance the Sirajganj IPP project in Bangladesh which achieved the longest tenor for commercial loans banked in Bangladesh to date, and also the precedent-setting Myingyan IPP transaction which became the first internationally banked power project in Myanmar.

Clive also spoke about the other part of Clifford Capital’s remit which is support Singapore’s aspirations to be an infrastructure financing hub for the region, and in particular its keen interest in boosting the use of capital markets for the infrastructure sector.

One key topic of interest on the panel was that of capital recycling and capital market take-outs as part of efforts to create Asian infrastructure debt as a new asset class. In the light of evolving capital constraints such as the phasing in of Basel III regulations, Clive shared on the panel examples of potential structures by which capital can be recycled – for instance, the pooling of assets and addition of credit enhancement through a first-loss tranche as a means of achieving investment grade ratings for such pools and thereby broadening the universe of prospective institutional investors. He noted however, that key challenges remained for Asia including the lack of standardization of loan assets as well as transferability of the underlying loans.

The lively discussions at the summit showed a clear commitment on the part of ASEAN governments in attracting private capital for sustainable infrastructure development in the region. The strong turnout, which included numerous attendees from the private sector including developers, banks, investors as well as various development financial institutions, provided evidence that the private sector was equally keen to help turn this aspiration to reality.

Clifford Capital acted as Bookrunning Mandated Lead Arranger on a US$1.45 billion Senior Secured Term Loan Facility to finance the Cidade de Marica floating production storage and offloading vessel ("FPSO") that will be deployed under a 20 year charter agreement with Petróleo Brasileiro S.A (“Petrobras”) in Brazil. 

Clifford Capital provided a meaningful commitment based on the value of the supply contracts from a number of Singapore-based companies including Dyna-Mac Holdings Ltd which had supplied the topside modules for the FPSO. 

SBM Offshore is an industry leading provider of floating production solutions to the offshore energy industry, with its main focus on the design, supply, installation, operation and the life extension of FPSO vessels. The FPSO is owned by a consortium that includes SBM Offshore, Mitsubishi, Nippon Yusen Kaisha and QGOG Constellation. 

For media enquiries or interview requests, please contact:

Clifford Capital Pte. Ltd.

Audra Low
Head of Origination & Structuring
+65 3157 8930
[email protected]

Tulchan Communications LLP
Adwin Low
+65 6222 3765 / +65 9026 3001
[email protected]