Excess Spread — Turn up the volume, do you like Mondays, are the markets too good?
•8 min read
Turn up the volume
We’re still yet to see Europe’s first public solar ABS, but the green shoots are still shooting up. Germany’s Enpal claimed the title on the back of its facility with M&G in the mezz and Citi in the senior, though arguably if we’re counting bank-financed deals, then Spain’s Perfecta Energia and Barclaysscored the first.
There’s now another Barclays deal on the board in Spain, for Brookfield’s Powen Group (legal advice from Norton Rose). This deal matters because it’s a mixed pool of commercial and industrial leases, power purchase agreements and consumer loans.