Abstract. Emerging-market infrastructure faces a structural financing gap: projects that are economically sound but sit on sub-investment-grade sovereigns or unrated counterparties cannot access institutional fixed-income capital at bankable cost. The MIGCorp Bond™ is MIG International’s proprietary response — a collateral-backed, SPV-issued project bond engineered to achieve an investment-grade rating at the issuing-vehicle level, independent of both the sponsor’s and MIG’s corporate credit.
1. The problem. Traditional lenders are risk-averse to frontier jurisdictions; capital markets are effectively closed to unrated issuers; development-finance capacity is finite and slow. The result is a pipeline of viable projects — power, transport, mining, fertilizer, telecoms — that stall for lack of a ratable structure rather than lack of economics.
2. The instrument. The MIGCorp Bond™ is available for qualifying projects above $100M USD. Each issuance is structured through a dedicated Special Purpose Vehicle — one SPV per project — which holds the project assets, contracts, and security package. The SPV, not MIG, is the issuer; the SPV is intended to obtain an investment-grade rating, subject to the project structure, credit profile and independent rating-agency assessment. Terms are flexible from 5 to 20 years or more, matched to the asset’s cash-flow profile, under a multi-jurisdictional compliance framework.
3. Why the SPV rating matters. Ring-fencing at SPV level isolates project risk from sponsor risk and from MIG’s own balance sheet. Institutional investors underwrite the project’s contracted cash flows and enhancement stack — not a corporate guarantee they cannot diligence. This is what allows sovereign wealth funds, pension funds, and insurance balance sheets to hold emerging-market project paper within their mandates.
4. Credit enhancement — moving from the natural credit floor to investment grade. Every issuance begins with a candid assessment of the project’s unenhanced rating. MIG then sequences enhancements to address the weakest link first: offtake substitution or strengthening; partial credit guarantees; multilateral guarantee products; political-risk insurance covering expropriation, currency inconvertibility, political violence, and payment default; and collateral structures where appropriate. Legal architecture — trust indenture, security, arbitration seat, sovereign-immunity waivers, termination compensation — is built to rating-agency and trustee covenant standards from day one.
5. Process — from project to funding in ~20 weeks. Weeks 1–3: engagement, project team, data room. Weeks 3–6: financial, technical, and legal due diligence including ESG assessment. Weeks 7–8: structure finalised — capital stack, SPV, enhancement stack. Thereafter: rating-agency engagement, placement with institutional investors, and issuance; followed by ongoing management — operational oversight, reporting, and yield management for the life of the bond.
6. Sectors. Power generation (thermal, hydro, renewables, storage); transportation (ports, rail, highways, BOT concessions); mining & resources; fertilizer and industrial plants; telecom, real estate and digital infrastructure.
7. What it is not. The MIGCorp Bond™ is not a corporate bond of MIG International, not a fund, and not an offer of securities to the public. It is a project-finance structure made available to qualified institutional and professional counterparties, project sponsors, and governments, each issuance being separately documented and rated.
Contact: investments@mig-corp.com · This paper is for information only and does not constitute an offer or solicitation.
