Green bonds

HUD's decision to stop endorsing Property Assessed Clean Energy will have little impact; the widest segment of FHA borrowers "would not qualify anyway."

The new deal is smaller, at $130.1 million, and the collateral is almost entirely of PV systems financed through third-party loan agreements.

The $75 million deal is backed by financing for a variety of property types, including office buildings, manufacturing facilities and hospitals; it was privately placed with TIAA Investments.

Cisco DeVries, the chief executive of Renew Financial, said the bills will bring much-needed stability to Property Assessed Clean Energy, which uses a property assessment to finance upgrades.

It's the sponsor's first securitization to be rated by Morningstar; DBRS and Kroll Bond Rating Agency are still capping their ratings of Property Assessed Clean Energy bonds at double-A.

The director of the Hawaii Green Infrastructure Authority is trying to put its bond money to work.