Debt investors need to worry about human rights, study shows
The best-performing countries on human and labor rights have significantly lower bond market spreads compared to the worst, even when taking into account factors such as level of income.
ESG
Sunnova Energy prepares to issue $297 million in residential solar energy ABS
About 3.3% of loans in the deal fall into the 600-649 FICO bucket on the current Sunnova Helios VIII, 2022-A, compared with a 1.2% level in the 2021-C deal.
Treasury invests $8.7B in banks, credit unions focused on underserved
More than 180 community development financial institutions and minority depository institutions will receive the federal funds under a pandemic-era program. “It’s a lifesaver,” a credit union CEO said.
One bank’s response to climate change: Financing condo retrofits
Climate First Bank in St. Petersburg, Florida, is offering loans for condominium improvements that will reduce carbon emissions while fortifying buildings against serious weather events. More banks may implement similar programs in the years ahead.
Credit unions team with fintechs to power solar lending
Through these partnerships, lenders can diversify their portfolios and even help members recoup their investment by selling or gaining credits for excess energy.
Climate change ‘will take all of our focus,’ Hancock Whitney CEO says
In the wake of Hurricane Ida, the latest storm to batter the Gulf Coast, John Hairston is grappling with the consequences of a warming planet. He suggests that it's imperative for banks and their regulators to be part of the solution.
Firms scrub dirty bonds off books to boost ESG credentials
A new trend is emerging in the world of ESG as companies turn their attention to cleaning up old debt.
Texas targets Wall Street in fight over ESG investing
Texas is drawing battle lines in a fight against investors and companies turning their backs on fossil fuels.
Mosaic Solar Loan Trust’s $191 million ABS
Pre-permission to operate (PTO) loans will comprise 10 percent of the Mosaic 2021-2’s underlying collateral, a dramatic increase from the Mosaic 2021-1 deal.
Governance flaws are starting to hurt banks’ credit ratings
Fitch says it will be weighing failures of management standards and practices at banks more heavily when considering possible downgrades. ESG advocates are cheering the development.
Weekly Wrap: Signs of life in credit-card ABS market
Deals, trends and research in structured finance and asset-backed securities for the week of May 14-20
Trinity marketing its second green-bond securitization of railcar leases
Trinity’s railcar collateral qualifies as an eligible green asset, since freight transportation serves as a lower carbon-emissions alternative to big-rig trucking for land-based goods transport.
By
Glen Fest
Wells Fargo’s first sustainability bond underscores ESG’s influence
The $1 billion bond, which follows similar issuances by Citigroup, JPMorgan Chase, Bank of America and Truist Financial, gives a big role to broker-dealers owned by minorities, women and disabled veterans.
dv01 sets out to incorporate ESG into ABS data sets
Taking each element of ESG – environment, social, governance – a dv01 principal says the firm is gathering the comprehensive list of authoritative sources and entities needed to build an ESG definition.
By
Ted Jackson
Angel Oak prices first social-bond RMBS transaction
The deal was constructed under Angel Oak’s social-bond framework, in which the firm intends to use the proceeds to help finance residential loans for underserved borrowers.
By
Glen Fest
Weekly Wrap: Goldman laments ‘noise’ of ESG data barrage amid new rules
Deals, trends and research in structured finance and asset-backed securities for the week of May 7-13
Brookfield aims to raise $100 billion for new flagship funds
Flatt said the combination of strong markets and asset sales means there’s enough capital on hand for its planned $6.5 billion privatization of Brookfield Property Partners LP, and the repurchase of its own shares, to soak up some of the new equity being issued in the transaction.
Banks produce 700 times more emissions from loans than offices
The greenhouse gas emissions associated with financial institutions’ investing, lending and underwriting activities are more than 700 times higher, on average, than their direct emissions, a report concludes.
BlackRock’s Fink, buoyed by record inflows, vows ‘loud’ activism
In his annual letter to CEOs in January, he stressed the need for companies to respond to racial injustice, economic inequality and environmental degradation — all issues traditionally left to government.
Weekly Wrap: Will ABS factor into a merged AerCap-GECAS?
Deals, trends and research in structured finance and asset-backed securities for the week of March 12-18
By
Glen Fest
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