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The New York State Energy Research and Development Authority is marketing its fifth transaction financing local residential solar-panel installations; all of the notes carry an A rating from Kroll.
The single-B rated company is facing a large cash requirement as it ramps up production of its Model 3; but leases backed by electric vehicles pose additional risks for investors in asset-backeds.
A pre-marketing wire on the Sales Tax Securitization Corp.'s $366.2 million of tax-exempts indicates the Chicago deal may see wider spreads than in its bond sale last month.
Bridgeview, Illinois is the second Illinois home rule community to take advantage of new borrowing program.
The Railsplitter Tobacco Settlement Authority will price a $679 million current and advance refunding of tobacco bonds.
The council is exploring legislation to collect around $492 million in delinquent real estate taxes that could aid the city’s school district.
HUD's decision to stop endorsing Property Assessed Clean Energy will have little impact; the widest segment of FHA borrowers "would not qualify anyway."
The new deal is smaller, at $130.1 million, and the collateral is almost entirely of PV systems financed through third-party loan agreements.
Strong legal and structural protections earned the debt top grades from Kroll and Fitch. S&P wasn't as bullish.
The allure of promised savings persuaded most Chicago City Council members.
Chicago hopes to get into the market by year's end with the first of up to $3 billion of refunding under new credit.
The $75 million deal is backed by financing for a variety of property types, including office buildings, manufacturing facilities and hospitals; it was privately placed with TIAA Investments.
Cisco DeVries, the chief executive of Renew Financial, said the bills will bring much-needed stability to Property Assessed Clean Energy, which uses a property assessment to finance upgrades.
It's the sponsor's first securitization to be rated by Morningstar; DBRS and Kroll Bond Rating Agency are still capping their ratings of Property Assessed Clean Energy bonds at double-A.
The director of the Hawaii Green Infrastructure Authority is trying to put its bond money to work.
