SG, Mariner bring new impact securitization structure

Solar farm La Rochelle financed SG from SG for use 229x150
By Jon Hay
16 Oct 2019

Société Générale has engaged in a $3.4bn synthetic securitization and pledged to reinvest some of the freed-up capital to increase its ‘positive impact finance’ lending. The investor, New York hedge fund Mariner Investment Group, has given it a financial incentive to go even further.

This is believed to be the first time a bank as borrower has used a feature that has become popular in syndicated loans: an interest rate can be varied during the life of the financing if the borrower hits sustainability targets. It is also the first time this ...

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