Second-Party Opinion Download

USE OF PROCEEDS

The eligible category – Green Buildings – is aligned with those recognized by the Green Bond Principles 2021. Sustainalytics considers that investments in the eligible categories will lead to positive environmental impacts in the Netherlands and advance the UN Sustainable Development Goals, specifically SDGs 7 and 11.

PROJECT EVALUATION AND SELECTION

Obvion’s Green STORM project team oversees the internal process for evaluating and selecting mortgage loans. The Green STORM team is headed by Obvion’s Treasury Manager and comprising representatives from Obvion’s Funding & Portfolio Management team, Rabobank’s Securitisation & Covered Bonds team and Rabobank’s Sustainable Capital Markets team. Obvion’s environmental and social risk management processes are applicable to all allocation decisions made under the Framework. Sustainalytics considers these risk management systems to be adequate and the project selection process to be in line with market practice.

MANAGEMENT OF PROCEEDS

Net proceeds from the mortgagebacked notes will be allocated in full at the time of issuance to finance or refinance eligible mortgage loans. Obvion’s Funding & Portfolio Management team will manage the eligible mortgage loan portfolio and will accordingly verify the eligibility of the selected mortgage loans on a monthly basis. Obvion will replace any mortgage loan that ceases to comply with the eligibility criteria with an eligible mortgage loan. This is in line with market practice.

REPORTING

Obvion will publish a monthly report providing loan-level data to investors on the mortgage loans included in the transaction pool. In addition, Obvion will publish information on energy performance certificates and primary energy demand of the mortgage assets at least on a quarterly basis in its investor reports. A third party has been appointed to calculate the impact in the form of CO2 reductions achieved based on real and theoretical energy consumption, which will be made available to investors at the time of issuance. Sustainalytics views Obvion’s allocation and impact reporting as aligned with market practice.