Commercial PACE firms plot regular ABS outings

Securitizations of commercial Property Assessed Clean Energy (PACE) financings are slowly becoming more common — and with two C-PACE deals notched to date, executives at issuing firms say they plan to be regular sellers.

  • By Fotios Tsarouhis
  • 08 Aug 2018

CleanFund priced its inaugural deal — the first public C-PACE offering — at 125bp over swaps late last month. The single tranche deal was rated triple-A by Kroll Bond Rating Agency.

“Investor demand was strong,” CleanFund CEO Greg Saunders told GlobalCapital. "They tend to be life insurance companies, ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 15,084 31 17.18
2 Bank of America Merrill Lynch (BAML) 9,637 29 10.97
3 Citi 8,093 21 9.22
4 Lloyds Bank 7,329 24 8.35
5 JP Morgan 6,580 10 7.49

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 128,864.18 374 11.17%
2 Bank of America Merrill Lynch 102,984.87 299 8.93%
3 JPMorgan 101,325.97 295 8.78%
4 Wells Fargo Securities 91,373.90 263 7.92%
5 Credit Suisse 76,082.53 203 6.60%