Second-Party Opinion Download

Evaluation Summary

Sustainalytics is of the opinion that the Green STORM 2025 B.V. Green Bond Framework is credible and impactful and aligned with the four core components of the Green Bond Principles 2021. 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 2021. Sustainalytics considers that investments in the eligible category 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 is responsible for the evaluation and selection of mortgage loans. The Green Storm project team is headed by Obvion’s Finance Manager and includes representatives from Obvion’s Funding & Portfolio Management team and the following Rabobank teams: Securitisation & Covered Bonds, Sustainable Capital Markets and Portfolio Distribution. Obvion’s underwriting, arrears and default management policies address environmental and social risks associated with the mortgage loans financed 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

Obvion’s Funding & Portfolio Management team is responsible for allocating proceeds and managing the eligible mortgage loan portfolio. Net proceeds from the mortgage-backed notes will be allocated in full at the time of issuance to finance or refinance eligible mortgage loans. Obvion will replace any mortgage loan that does not meet the eligibility criteria on the relevant pool addition date with an eligible mortgage loan. This is in line with market practice.

REPORTING

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