Credit Suisse arranges the industry's first green ABCP note
Credit Suisse today announces the successful inaugural issuance of a green Asset-Backed Commercial Paper (ABCP) note, raising USD 200 million. Credit Suisse understands this to be the industry's first green ABCP note. The note was issued by Alpine Securitization (a special purpose vehicle sponsored by Credit Suisse to issue ABCP).
Jay Kim, Global Head of Securitized Products, said, "Credit Suisse is proud to introduce a green issuance to our Alpine ABCP note program, building on our strong track record of innovation."
Credit Suisse independently sourced the solar assets financed by the proceeds of this green ABCP issuance. The assets will be distinct from the asset pool used for Credit Suisse's Yankee Certificates of Deposit (YCD) green issuances, which were announced last year.
The issuance was broadly assessed against criteria for ESG standards. One of the leading corporate governance and responsible investment organizations independently assessed the transaction for its compliance with the International Capital Market Association's (ICMA) green bond principles as outlined in their final opinion. This transaction also follows the newly established Alpine Green Commercial Paper Framework, a separate framework from Credit Suisse's published Green Finance Framework.
"This green ABCP note issuance builds on Credit Suisse's long-standing commitment to sustainable finance, exemplified by the establishment in 2017 of the Impact Advisory and Finance ("IAF") Department," said Marisa Drew, CEO of the IAF Department. IAF aims to facilitate projects and initiatives that have a positive environmental or social impact and generate a financial return. Reporting directly to the Chief Executive Officer, it coordinates activities across the Group. By enabling and advancing sustainable finance and impact investing alongside responsible business activities, IAF seeks to benefit wealth management, institutional and corporate clients.
In June 2019, Credit Suisse announced the inaugural issuance of green Yankee Certificates of Deposit (YCD), raising $200 million in proceeds. In November 2019, Credit Suisse acted as the sole manager for a capital protected AAA rated "Blue Economy" structured note with the World Bank to focus attention on the sustainable use of oceans and coastal areas.