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 Bank of America Merrill Lynch (BAML) 1,284 2 30.09
2 Barclays 633 1 14.82
3 BNP Paribas 509 1 11.91
4 Citi 467 1 10.94
5 Morgan Stanley 455 1 10.66

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 9,235.10 31 12.19%
2 Barclays 7,853.42 22 10.36%
3 Bank of America Merrill Lynch 7,473.95 24 9.86%
4 JPMorgan 7,225.34 25 9.54%
5 Wells Fargo Securities 6,258.35 24 8.26%