Green Bond Fact Sheet

California Municipal Finance Authority

Date: 09/07/2019

Issue date: 28-06-2019 Maturity date: 20-09-2055 Tenor: 36Issuer Name

California Municipal
Finance Authority

Amount Issued

USD165m

Country of risk

USA

CBI Database

IncludedIssuer Type1

Local government

Bond TypePACE ABS

Green Bond Framework

N/A

Second party opinion

KBRA

Certification Standard

Not certified

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

N/A☐ Energy☐ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☒ Buildings☐ Certified Buildings☐ HVAC systems☒ Energyperformance☒ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☐ Transport☐ Electric vehicles☐ Low emission
vehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewatertreatment☐ Water storage☐ Storm water mgmt
☐ Flood protection☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Waste to energy☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ Land use & agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose &paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
ReportingCompany information

The California Municipal Finance Authority’s mission is to support economic development,
job creation and social programs throughout the state. They also give back to local
communities by supporting local charities with a portion of the revenue generated throughthe issuance of taxable and tax-exempt bonds for public, private and non-profit entities.

Firsts, records andcertifications
Proceeds description

Over thirty states in the US and Washington, D.C. have passed legislation allowing
municipalities to create PACE programs. PACE programs allow local governments to financerenewable energy and energy efficiency projects on privately owned residential,commercial, agricultural, and industrial properties. The purpose of PACE programs is topromote energy efficiency, water conservation and renewable energy improvements whilst
eliminating high up-front costs and a lack of funding for eligible projects. They are also
intended to support green job creation and stimulate economic activity.
PACE Bonds are limited obligation improvement bonds issued by PACE bond issuers inCalifornia. Each bond is secured by certain PACE Assessments levied on residential orcommercial properties in California. A total of 46 California counties are approved under
the two PACE Programs. Payments on California PACE assessments are made in two
instalments annually: March 2 and September 2.
The bond in question is secured by a portfolio of PACE assets. These include 3,166 PACE
assessments levied against 3,152 residential properties and 14 commercial properties in 18California counties. The average Assessment is approximately USD33,717 with an averageannual payment of approximately USD3,368. The total balance of the PACE Bond Portfolio
is expected to be approximately USD150m.

Climate Bonds view

Underwriters

This is the 30th PACE ABS issuance from California. The issued total now amounts toUSD5.6bn.
Natixis Securities Americas LLC

Deal comments
Credit Rating
Pricing summary
Investors summary

AAA, A, BBB (KBRA)

1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign