Project Details
Project
Obvion N.V. Green STORM 2021 Green Bond Framework Second Party Opinion
Client
Obvion N.V.
Project Type
Green Bond/Loan
Industry Group
Diversified Financials
Use of Proceeds
Green buildings
Location
Netherlands
Evaluation Date
Mar 2021
Evaluation Summary
Sustainalytics is of the opinion that the Green STORM 2021 is credible and impactful and aligns to the four core components of the Green Bond Principles 2018. This assessment is based on the following:
USE OF PROCEEDS
The eligible category for the use of proceeds – Green Buildings – is aligned with those recognized by the Green Bond Principles 2018. Sustainalytics considers that the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDG 7 and 11.
PROJECT EVALUATION AND SELECTION
Obvion N.V.’s internal process in evaluating and selecting projects is overseen by a dedicated internal team consisting of representatives from the Funding & Portfolio Management team of Obvion, and the Securitisation & Covered Bonds team and Sustainability Capital Markets teams of Rabobank. The team will select the eligible mortgages, using data provided by real estate data provider Calcasa. Sustainalytics considers the project selection process in line with market practice.
MANAGEMENT OF PROCEEDS
Obvion N.V. will allocate the full amount of net proceeds of the RMBS transaction to refinance eligible assets at the time of closing of the issuance. A third-party will verify that the included loans are eligible on an ongoing basis. Obvion commits to purchasing back any loans which are no longer compliant and substituting any ineligible mortgages. This is in line with market practice.
REPORTING
Obvion N.V. Green STORM 2021 transaction will make available to investors loan data on the mortgages in the transaction
pool in a monthly summary report as well as an annual statement demonstrating compliance with the eligibility criteria. In addition, the transaction will publish information on energy performance certificates of the mortgage’s assets every quarter. A third-party has been appointed to calculate the impact, in the form of CO2 reductions achieved based on real energy consumption, which will be made available to investors at the time of issuance. Sustainalytics views Obvion N.V.’s allocation and impact reporting as aligned with market practice.