Singapore-based Clifford Capital successfully priced a US$1 billion dual-tranche bond offering on January 6, underscoring robust investor confidence in the infrastructure credit platform's government-backed issuances.

The offering was split evenly between two issuers within the Clifford Capital group: US$500 million of three-year fixed-rate notes by Clifford Capital Asset Finance ( CCAF ), and US$500 million of five-year fixed-rate notes by Clifford Capital Credit Solutions ( CCCS ).

Both tranches were priced at par. The three-year notes carry a coupon of 3.852%, while the five-year notes were priced at 4.037%, with spreads of 32 basis points over respective US Treasury benchmarks.

The bonds, unconditionally guaranteed by the Government of Singapore, carry the highest credit ratings: Aaa by Moody’s and AAA by Standard & Poor’s. The transaction attracted a high-quality, geographically diverse investor base spanning Asia, the offshore US, and EMEA, including central banks, sovereign wealth funds, commercial banks, and institutional investors.

The total order book reached approximately US$4.5 billion, representing an oversubscription rate of 4.5 times the issue size. 

HSBC, J.P. Morgan, and Standard Chartered acted as joint global coordinators and joint lead managers, joined by DBS, SMBC Nikko, Société Générale, and UBS as joint lead managers.

Proceeds from the deal will support Clifford Capital’s infrastructure debt origination, distribution, and investment efforts, further cementing Singapore’s role as a regional hub for sustainable infrastructure financing.

The latest deal follows Clifford Capital’s record-setting infrastructure asset-backed securities ( IABS ) issuance in late 2025, which raised US$705.5 million, the largest IABS transaction in Asia-Pacific to date. 

With Asia’s infrastructure financing gap widening, Clifford Capital’s ability to consistently tap global capital markets, backed by strong sovereign support, positions it as a critical enabler in mobilizing long-term private capital for regional development.