Green bonds ABS issued in USA

Jun 2016: PACE is a US programme to fund home energy saving projects. The cost is paid by the homeowner as part of their property taxes paid to the local authority. RenovateAmerica securitises these property tax receivables (assessments) and issues Green Bonds (ABS). It has issued its 7th bond - a $305m ABS offer.

Sep 2016: A further PACE offer by HERO $377m (HERO 2016-3) Details here

According to prn newswire: HERO 2016-2, includes $305,313,000 in Class A Notes rated AA (sf) by Kroll and AA (sf) by DBRS, secured by 13,432 PACE assessments levied on residential properties in 31 California counties. The PACE assessments have an average balance of approximately $24,433, a weighted-average annual interest rate of 7.96 percent and a weighted-average original term of 14.95 years. The PACE assessments were originated between January 2016 and April 2016. Details here Rating agency DBRS has provided a report on how they rate these transactions.