Sunnova, Dividend deals light up solar ABS sector

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By Max Adams, Richard Metcalf
19 Jun 2019

A deal priced by residential solar finance company Sunnova on Wednesday and another waiting in the wings from Dividend Finance injected a shot of life into the solar securitization sector this week, pushing year to date volume in the asset class over $1bn.

Sunnova priced its $167.63m 2019-A transaction on Wednesday afternoon at 190bp over swaps for the senior class ‘A’ notes. Classes ‘B’ and ‘C’ were priced at 265bp and 350bp over swaps respectively.

The deal is the first from the issuer to be backed by solar loans rather than ...

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