Andrew Godfrey
Increased investor demand for predictable income streams at competitive yields has recently seen several listed debt offerings come to the Australian market.
New York US-based alternative investor, Stonepeak, has partnered with Equity Trustees as Note Trustee for its listed infrastructure debt note, the Stonepeak-Plus INFRA1 Note, which is issued by Stonepeak-Plus Infra Debt Limited and listed on the Australian Securities Exchange today under the ticker code ASX:SPPHA.
The Stonepeak listed note aims to provide Australian investors with a fixed term investment with monthly interest payments paid from the proceeds of a diversified portfolio of credit exposures underpinned by Stonepeak’s infrastructure investments. Stonepeak is the world’s largest independent infrastructure and real-assets alternatives manager, with more than US$115 billion in assets under management (AUD$176bn).
Andrew Godfrey, Executive General Manager of Corporate and Superannuation Trustee Services at Equity Trustees, said: “We are pleased to partner with Stonepeak on the launch of this listed note in the Australian market”.
He noted the listing comes as the APRA (Australian Prudential Regulation Authority) phases out hybrid banking notes (‘Additional Tier 1’ capital instruments) by 2032. Offerings such as Stonepeak’s may provide an alternative for income-focused investors seeking uncorrelated returns.
Mr Godfrey added: “Equity Trustees has been appointed as note trustee for four of the listed notes now available on the Australian Securities Exchange, including notes for Challenger, Dominion, MA Financial and now Stonepeak.”
Andrew Robertson, Senior Managing Director and Head of Australia and New Zealand Private Credit at Stonepeak, said: “The Stonepeak-Plus INFRA1 Note aims to provide Australian investors access to regular monthly income generated primarily through a curated portfolio of high-quality infrastructure debt assets. Debt will be sourced predominantly from critical infrastructure assets in the transportation and logistics, energy and energy transition, digital, and social infrastructure sectors in Australia, New Zealand and other markets.”
He added that Stonepeak had already secured over AUD$300 million in cornerstone commitments for the Stonepeak-Plus INFRA1 Note, reaching its target and reflecting strong initial demand.
Mr Robertson noted: “Infrastructure businesses have historically exhibited lower default rates compared to corporate debt, making infrastructure debt an especially powerful portfolio diversification tool for investors due to its stable and predictable nature. However, infrastructure debt has been historically challenging for retail investors to access. Stonepeak aims to solve this by providing the opportunity for a range of investors.”
Andrew Godfrey concluded: “We are proud to support Stonepeak in introducing this new listed structure, which expands investor access to diversified credit opportunities.”