Crédit Agricole Corporate & Investment Bank Arranges the First Green ABCP Note Financing Electric Vehicles in Client Auto Re...
July 07 2020 - 9:00AM
Business Wire
Crédit Agricole Corporate and Investment Bank (“Credit Agricole
CIB”) announced today its first issuance of a green Asset-Backed
Commercial Paper (ABCP) note, raising USD25 million. Crédit
Agricole CIB understands this to be the industry's first green ABCP
note financing electric vehicles (EVs) in client auto loan and
lease pools. The note was issued by La Fayette Asset Securitisation
LLC (a multi-seller ABCP program providing secured financing for
bank clients, sponsored by Crédit Agricole CIB) and will be the
first of numerous expected green note issuances for the Crédit
Agricole CIB ABCP programs (Atlantic, La Fayette, and LMA).
Arnaud d’Intignano, Global Head of Financing & Funding
Solutions said "We are very excited to structure the first of many
green ABCP issuances financing underlying EV loans and leases in
our ABCP programs placed with a leading environmental, social and
governance (ESG) investor, while building on the bank’s leadership
position in green bond distribution and ABS/ABCP securitisation
underwriting and financing."
Michael Guarda, Regional Head of Financing & Funding
Solutions Americas, added "This initiative is the result of robust
collaboration among internal teams dedicated to finding innovative
green financing solutions. We look forward to developing further
green structured financing opportunities for ESG investors within
our ABCP and ABS platforms by expanding the flow of EV and hybrid
electric vehicle (HEV) financing, while introducing new eligible
green asset categories over time in alignment with the Green Bond
Framework.”
With very specific green asset ABCP eligibility standards and
green “Use of Proceeds” criteria tailored to securitisation
transactions, along with the merging of green ABCP financing
criteria into the Crédit Agricole Group’s Green Bond Framework
(Green Bond Framework) and periodic update of the independent
Second Party Opinion, there will be a high-level of assurance that
the eligible green ABCP assets are in alignment with the Green Bond
Framework and the Green Bond Principles. Further, the green ABCP
assets will conform with the Crédit Agricole Corporate Social
Responsibility (CSR) policy and contribute to the United Nations
Sustainable Development Goals (SDGs) as outlined by the Green Bond
Framework.
Tanguy Claquin, Global Head of Sustainable Banking, said, "This
green ABCP note issuance structure is a reflection of the Group’s
long-term commitment to the green bond markets, with the view to
provide sustainable finance solutions to our clients and green
investments opportunities to ESG investors. The bank is applying
significant resources to developing green financing solutions with
environmental impact globally, and has maintained a position at the
top of the green bond underwriting league tables for many years.
The green ABCP financing is a terrific progression showing how
climate change is now embedded in all our product offerings.”
About Crédit Agricole Corporate and Investment Bank (Crédit
Agricole CIB)
Crédit Agricole CIB is the corporate and investment banking arm
of Credit Agricole Group, the 12th largest banking group worldwide
in terms of tier 1 capital (The Banker, July 2019). Nearly 8,000
employees across Europe, the Americas, Asia-Pacific, the Middle
East and Africa support the Bank's clients, meeting their financial
needs throughout the world. Crédit Agricole CIB offers its large
corporate and institutional clients a range of products and
services in capital markets activities, investment banking,
structured finance, commercial banking and international trade. The
Bank is a pioneer in the area of climate finance, and is currently
a market leader in this segment with a complete offer for all its
clients.
For many years Crédit Agricole CIB has been committed to
sustainable development. The Bank was the first French bank to sign
the Equator Principles in 2003. It has also been a pioneer in Green
Bond markets with the arrangement of public transactions from 2012
for a wide array of issuers (supranational banks, corporates, local
authorities, banks) and was one of the co-drafter of Green Bond
Principles and of the Social Bond Guidance. Relying on the
expertise of a dedicated sustainable banking team and on the strong
support of all bankers, Crédit Agricole CIB is one of the most
active banks in the Green bonds market.
For more information, please visit the website at
www.ca-cib.com
About Crédit Agricole Corporate and Investment Bank ABCP
programmes
Crédit Agricole CIB is a leading secured lender to auto finance
companies in its ABCP programmes and underwriter of auto ABS for
bank clients, and has observed a steady trend towards an increased
segment of EVs and hybrid electric vehicles (HEVs) in its financing
of retail auto loan and lease pools. By establishing eligible green
asset ABCP financing standards as an Annex within the Crédit
Agricole Group Green Bond Framework (“Green Bond Framework”), and
by working with auto finance clients to provide green collateral
reporting, the ABCP programs are now able to connect green asset
(ESG) investor financing with eligible green assets. The bank is
seeking to originate and finance a variety of green asset classes
in its ABCP programs based on the green asset eligibility criteria
in its Green Bond Framework. The Green Bond Framework is published
on the Crédit Agricole Group website.
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version on businesswire.com: https://www.businesswire.com/news/home/20200707005236/en/
Press: Paris – Maryse Dournes +33 (0)1 41 89 89 38 /
maryse.dournes@ca-cib.com New York – Jenna Lee +1 (212) 2617328 /
jenna.lee@ca-cib.com
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