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 Citi 3,691 11 19.79
2 Morgan Stanley 2,420 6 12.97
3 Goldman Sachs 2,096 5 11.24
4 BNP Paribas 1,686 6 9.04
5 Barclays 1,565 4 8.39

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
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1 Citi 50,762.12 164 10.68%
2 JPMorgan 43,849.74 130 9.22%
3 Wells Fargo Securities 37,970.87 112 7.99%
4 Bank of America Merrill Lynch 36,015.87 117 7.58%
5 Credit Suisse 30,953.64 97 6.51%