Project Details
Project
SUMMT 2022-BVUE, Commercial Mortgage Pass-Through Certificates Series 2022-BVUE Green Bond Framework (2021)
Client
SUMMT 2022-BVUE Mortgage Trust
Project Type
Green Bond/Loan
Industry Group
Diversified Financials
Use of Proceeds
Green buildings
Location
U.S.
Evaluation Date
Nov 2021
Evaluation Summary
Sustainalytics is of the opinion that SUMMT 2022-BVUE, Commercial Mortgage Pass-Through Certificates Series 2022-BVUE Green Bond Framework is credible and impactful, and aligns with 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. Sustainalytics considers that the Issuer’s financing of certified green buildings will lead to positive environmental or social impacts and advance the UN Sustainable Development Goals, specifically SDG 9.
PROJECT EVALUATION / SELECTION
The internal credit teams of Barclays Commercial Mortgage Securities LLC and Barclays Capital Real Estate Inc. assessed and selected the portfolio of eligible properties and the mortgage loans to finance those properties. Barclays PLC has processes in place to assess and manage environmental and social risks, which are applicable to all allocation decisions made under the Framework, and Sustainalytics considers to be adequate. Sustainalytics considers the project selection process in line with market practice.
MANAGEMENT OF PROCEEDS
The net proceeds from the issuance will be used solely for the purchase of a mortgage loan to refinance a portfolio of eligible properties. Proceeds will be disbursed immediately after the issuance and neither Barclays Commercial Mortgage Securities LLC nor SUMMT 2022-BVUE Mortgage Trust will retain flexibility to reallocate. Sustainalytics considers this to be in line with market practice.
REPORTING
Barclays Commercial Mortgage Securities LLC has committed to allocation reporting by providing a description of the eligible portfolio and relevant sustainability impact metrics to its investors through the initial offering document. Given the intent to immediately allocate net proceeds to purchase the mortgage loan, Sustainalytics considers the upfront reporting process to be aligned with market practice.