Stonepeak-Plus INFRA1 Note to list on ASX - SPPHA yields 3.25%

Stonepeak has unveiled plans to bring a new infrastructure-backed debt security to the Australian market, aiming for an ASX listing on 10 December 2025 under the ticker SPPHA. The issue, called the Stonepeak-Plus INFRA1 Note, is structured as an unsecured, deferrable, redeemable floating-rate note that pays monthly interest and targets a six-year repayment horizon.

The Note will link income to a pool of senior infrastructure loans and similar credit instruments sourced from essential assets across transport, logistics, energy and energy-transition, digital infrastructure and social infrastructure. Stonepeak says the coupon will track the one-month BBSW benchmark plus a margin of 3.25% per annum, with interest accruing monthly — a profile designed to appeal to Australian retail and wholesale investors seeking regular cash returns.

Demand for the listing is already visible: Stonepeak reports it has secured more than A$300 million of cornerstone commitments ahead of the float, a level the firm says aligns with its initial target and signals strong institutional appetite for infrastructure credit exposure in local capital markets. That early backing comes as investors search for yield in a low real-return environment and as domestic fixed-income issuance has migrated toward more credit-rich, asset-backed solutions.

Stonepeak’s credit platform will manage the Note’s underlying exposures. The firm says Stonepeak Credit comprises nearly 30 investment professionals, over 85 investments and manages about A$2.9 billion of targeted credit assets. At group level, Stonepeak reports approximately A$121.1 billion (USD$79.9 billion) in assets under management, underscoring the scale behind the vehicle.

Senior managers at the firm framed the ASX structure as a means to broaden access to an asset class that typically sits behind closed doors. Andrew Robertson, the head of Australia & New Zealand private credit at the firm, argued infrastructure debt tends to show lower historical default rates than many corporate borrowers and can act as a portfolio diversifier. Co-President Jack Howell positioned the Note as part of Stonepeak’s widening wealth-solutions push, adding that the credit franchise has expanded materially since the firm began deploying infrastructure debt capital in 2018.

Joint lead managers on the deal include local distribution specialists and major advisory houses. Stonepeak’s approach mirrors a broader trend of global infrastructure managers packaging credit exposures into listed formats to reach domestic investors. For Australian fixed-income markets, the new issuance could deepen access to real-assets credit and provide a cash-yield alternative to conventional corporate and government bonds — though investors will need to weigh credit concentration, liquidity and the unsecured nature of the instrument when assessing risk.