Chris McGarry
Chris McGarry advises arrangers, sponsors, issuers and investors on securitisations including collateralised loan obligations, all types of consumer asset-backed securities, residential mortgage-backed securities, trade receivables and esoteric assets classes such as commodities, telco receivables, tax receivables and whole-business securitisations. His practice covers both developed markets and emerging markets.
Practice Area
Panel
- Contributing Author
Education
- BPP Law School
- LLB, University of Edinburgh
1 Contributions by Chris McGarry
PRACTICE NOTES
Sustainable securitisation: asset classes, legal structuring and regulatory landscape for green CLOs, ABS and MBS
The sustainable finance market has seen explosive growth in select product segments over the past five years. Annual green bond issuance, for instance, topped US$500bn in 2021, and environmental resilience is becoming an increasingly significant driver of investment choices worldwide. Yet the Organisation for Economic Co-operation and Development (OECD) estimates that US$6.9tn a year will be needed through 2050 to fund infrastructure that achieves development goals and delivers a low-carbon, climate-resilient future. If nothing changes, current market finance will fall far short in both scale and approach.
One clear but transformative answer is to pool and amplify sustainable assets via sustainable securitisation. For this to be workable, a critical pipeline of sustainable finance assets across multiple classes must be available in the market. Sustainable securitisation can concurrently offer institutional investors access to sustainable assets while easing pressure on bank balance sheets. At present, most infrastructure schemes depend on bank loans, yet alternative funding sources are essential because the US$90tn needed for global sustainable infrastructure cannot be provided by banks alone. Further, many sustainable investments...
Banking & Finance
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