Sunnova Energy is preparing to sponsor a $297.9 million asset-backed securities deal, the Sunnova Helios VIII Issuer, 2022-A. The transaction will issue notes from a collateral pool with slightly looser credit profile than its previous deal.Credit Suisse Securities and Popular Securities will purchase the notes initially, in a deal with a couple of slight changes to the underlying collateral’s credit profile. About 3.3% of loans in the deal fall into the 600-649 FICO bucket on the current Sunnova Helios VIII, 2022-A, compared with a 1.2% level in the Sunnova 2021-C deal, according to a presale report from Kroll Bond Rating Agency. Still, both transactions limit the concentration of loans in the 600-649 FICO bucket to 2% of the prefunded pool, KBRA said.As of the cutoff date, underlying borrowers in the deal had a WA FICO score of 736, according to KBRA.Sunnova Helios 2022-A is the…
Sunnova Energy prepares to issue $297 million in residential solar energy ABS
