Sector developments and company hires

SOFR-linked green ABCP issued
Crédit Agricole CIB has issued the first green ABCP indexed to SOFR to finance electric vehicles and hybrids in auto portfolios, as well as solar loan transactions. Issued by Atlantic Asset Securitization, one of Crédit Agricole CIB's ABCP programmes, the notes were placed with two ESG money market funds.

The ABCP met green asset ABCP eligibility criteria within Crédit Agricole’s Green Bond Framework subject to a Vigeo Eiris second-party opinion. The issuance finances EVs and hybrids in auto portfolios (clean transportation) and solar loan transactions (renewable energy).

In other news…

EMEA
Alec Innes has joined KPMG’s financial risk management team as a partner focused on balance sheet optimisation and restructuring, based in London. Previously, Innes held positions including md, head of risk & capital solutions at BMO in Toronto and md, head of relationship solutions - fixed income at Lloyds.

North America
Denham Capital has hired Iryna Voronova as a portfolio manager for its newly launched sustainable infrastructure credit platform. Voronova joins Denham Capital from Siemens Financial Services, where she held senior positions in project and structured finance, specialising in power, oil and gas for the Americas. With extensive knowledge of both debt financing and the broader energy sector, she will play an instrumental role in accelerating the growth of Denham Capital’s sustainable infrastructure credit platform, which launched with a US$2bn commitment from Aflac Global Investments.

Resi rate indices launched
Intercontinental Exchange (ICE) has launched a suite of US residential mortgage locked rate indices. The new indices will be calculated daily and will track the average interest rate of new residential home loan applications processed by ICE Mortgage Technology.

Existing mortgage rate indices are often survey-based and can quickly become outdated. By using anonymised and aggregated data from ICE Mortgage Technology, the ICE locked rate indices are calculated from actual loan applications. This provides a more comprehensive, accurate and timely reflection of current residential mortgage interest rates, according to the firm.

The ICE US Residential Mortgage Rate Lock Index Series tracks 10-, 15-, 20- and 30-year first-lien and subordinated mortgage applications on both single-family and multi-family properties. The indices include new purchase, construction and refinance applications for conventional mortgage loans, jumbo loans and those submitted under US government programmes. The indices are calculated each business day and published the following morning.

In addition to the broad ICE US Residential Mortgage Rate Lock Composite Index, ICE has launched sub-indices focused on attributes including product type (conforming or jumbo 30-year fixed rate), loan purpose (purchase, construction or refinance) and borrower attributes (FICO score and LTV).