Call for Applications : Support on Issuance of Infrastructure Project Bond Issuance

CFA Number: CFA25-053

Project Name: Increase of Infrastructure Bond Issuance Through Issuance Support

Domain Name: Infrastructure

Application Closing Date: 15 May 2026 (The submitted applications will be reviewed on a rolling basis, starting one to two weeks after this announcement is posted and CAPRED will engage the eligible infrastructure projects bond issuers before this due date)

Program Duration: November 2025 – June 2027

1. Background

1.1. About CAPRED

The CAPRED Facility is Australia's flagship bilateral economic development program in Cambodia, focusing on economic recovery and resilience until 2027, with a possible three-year extension. The Facility supports Cambodia in implementing a range of important economic reforms to support the country's economic transition. These interventions and reforms aim to encourage more productive and inclusive public and private investment, promoting a resilient, inclusive, and sustainable economy (RISE).

CAPRED interventions fall under three technical components including Agriculture and Agro-processing; Trade, Investment and Enterprise Development and Infrastructure Development; and three Cross-Cutting components: Gender Equality, Disability and Social Inclusion (GEDSI); Climate Resilient initiatives, and policy support.

1.2. About the Support on Issuance of Infrastructure Project Bond

Cambodia's LDC graduation, aimed for 2029, will reduce its ability to access concessional finance. Continuous development and improvement in regulations and market functions, along with successful issuances of different types of securities, have enabled Cambodia's capital market to become a platform ready for raising capital much needed for continued development. It is a place where the private sector can access large-scale and long-term financing suitable for infrastructure projects.

Despite the readiness and rapid growth in bond issuance, the market's breadth and depth remain limited with a small number of issuances per year and an inactive secondary market. Lack of awareness among potential issuers of the financing opportunity and issuance process, limited experience and network of key market actors, and high upfront issuance costs compared to bank financing are limiting Cambodia from seeing a higher number of successful issuances and market deepening, despite the potentials and market demand.

Building on market momentum, CAPRED will provide issuance support to stimulate more bond issuances for infrastructure projects to help the market reach the scale that enables this relatively new financing channel for Cambodia to become a familiar mode of financing, deepen the market, and increase access to sustainable financing for Cambodia's infrastructure development.

The objectives of this program are as follows:

• Build on the momentum of developed rules and regulations and first successful cases for more infrastructure bond issuances to reach a critical mass.
• Increase Cambodia's capacity to access domestic and international capital for large-scale infrastructure projects, expanding Cambodia's financing channels with capital market as an alternative financing approach to prepare for LDC graduation.

2. CAPRED’s potential support package

CAPRED will provide financial support to reduce the issuance costs of infrastructure project bonds.

• For bond issuance size of USD50 million and above,
  • Up to 25% of total issuance costs
  • USD10,000 for roadshows to reach untapped markets for Cambodia's securities (e.g., Australia, US, EU, etc.)
  • Maximum grant of both support is USD150,000 per bond issuance.
• For bond issuance size between USD10 million to below USD50 million,
  • Up to 50% of total issuance costs
  • USD10,000 for roadshows to reach untapped markets for Cambodia's securities (e.g., Australia, US, EU, etc.)
  • Maximum grant of both support is USD150,000 per bond issuance.

Note:

• Issuance costs refer to all costs required by a bond issuer to be able to issue a bond. These cost items include but are not limited to: 1. legal fees, 2. technical and ESG due diligence fees, 3. financial due diligence fees, 4. Registration fee at Securities and Exchange Regulator of Cambodia (SERC), 5. listing eligibility review fee by Cambodia Stock Exchange (CSX), 6. securities depository fee at CSX, 7. securities registrar fee, 8. guarantor fee, 9. underwriter/lead manager fee, 10. credit rating fee, etc.
• Roadshow costs include all costs required for necessary personnel's flights, accommodation, meeting arrangements, etc.

3. Eligibility Criteria

3.1 Types of infrastructure projects

Types of infrastructure projects suitable for CAPRED support for infrastructure project bond issuance include:

• Renewable energy:
  • Solar energy
  • Wind energy
  • Battery energy storage system
• Special Economic Zone
• Agro Industrial Pak
• Water projects including water supply, wastewater and water security enhancement
• Telecommunication

Special consideration can be given to projects that provide significant economic and social benefits for Cambodia's sustainable development.

3.2 Status of the infrastructure projects

The eligible infrastructure projects must have completed feasibility studies and have obtained necessary final approval, licences, or agreements with relevant government entities to proceed with construction, operation, and maintenance.

3.3 Documentation requirements

To be able to apply for support from CAPRED, interested infrastructure project bond issuers must be seeking at least a partial bond guarantee for their bond to be issued. Interested issuers must submit the following documents to apply for CAPRED's support for infrastructure project bond issuance.

• Completed feasibility study
• Engagement letter with a lead manager or underwriter
• List of estimated issuance cost verified by lead manager, underwriter or bond guarantor
• Concept, in-principle, or preliminary approval to proceed with at least partial bond guarantee from one of the three recognised bond guarantors i.e., Credit Guarantee Corporation of Cambodia (CGCC), Credit Guarantee and Investment Facility (CGIF), and GuarantCo
• List of due diligence checks required and verified by the bond guarantor

Refer to Annex 1 for the application form to fill in. Only issuers who meet all the eligibility criteria and supply all required information or documents will be selected for review or evaluation.

4. Selection process

The submitted applications will be reviewed on a first-come, first-served basis, starting one week after this announcement is posted. Applications meeting all eligibility requirements in Section 3 will be proceeded to internal review in which CAPRED will:

• Review the accuracy of the submitted application and documents. CAPRED reserves the right to contact relevant stakeholders to verify reported information, including the lead manager or underwriter, bond guarantor, or relevant entities.
• Applications meeting the eligibility criteria will be proceeded to CAPRED's internal due diligence check and environmental and social management system (ESMS) assessment

Applications meeting all requirements and passing all checks will be awarded a grant agreement through which the grant will be disbursed in increments and after the completion of milestones required for bond issuance. CAPRED aims to support up to five infrastructure project bond issuances. The support for an issuer is considered locked in once the grant agreement is signed between CAPRED and the issuer.

CAPRED will consider its support fully allocated after receiving five applications meeting the eligibility requirements in Section 3. However, should any application fail to reach a grant agreement, CAPRED will proceed to review the next application submitted later.

5. Important dates

The table below provides information on important dates for the whole support process.

6. How to Apply

Interested bond issuers are invited to submit the application form in Annex 1 by 15 May 2026 to CAPRED's Procurement through the email address: procurement@capred.org. CAPRED will review the submitted applications on a first-come, first-served basis starting one week after this call is posted.

CAPRED will conduct an information workshop on this Call for Application. It will be hosted in the afternoon of 19 November 2025 to provide information and answer questions interested issuers may have.

During the workshop, there will also be a presentation from a Lead Manager or underwriter on the detailed process and requirements for bond issuances. Interested participants can register to attend the workshop through Mr. KANG Sinhly via sinhly.kang@capred.org or +855 99 223 998. CAPRED is also available to answer questions or provide more details on this call for application before and after the workshop. Please email procurement@capred.org with “CFA25-0053- Increase of Infrastructure Bond Issuance - Enquiry” in the subject line.

Cowater International is an equal opportunity employer, basing employment on merit and qualifications as they relate to professional experience and position expectations. Cowater does not discriminate against any employee or applicant on the basis of race, religion, sex, gender identity, disability, age, or any other basis protected by law. CAPRED aims to have a diverse workforce and a workplace that is supportive of gender equality, disability, and social inclusion. Women, people with disabilities, and other minorities are highly encouraged to apply.