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Mosaic sold a solar loan securitization at tight spreads on Wednesday, as investors report that the market for renewable energy ABS is turning into a food fight amid heavy demand and low supply.
The Oakland, California-based company sold the $307.5m Mosaic Solar Loans 2017-2 in four tranches. The senior class 'A' notes were sold at 185bp over interpolated swaps to yield 3.854%, 15bp tighter than the low end of price guidance. The junior most class 'D' bonds were sold at a discount to yield 9.75%, tighter than the 11%-12% range issued at guidance. (For full pricing, see GlobalCapital 's US Priced Deals Database).
Deutsche Bank, Guggenheim Partners, BNP Paribas and DZ Bank arranged the deal.
The deal is backed by 10,188 loans on residential rooftop...