Đang chuẩn bị nút TẢI XUỐNG, xin hãy chờ
Tải xuống
The exchange is offered at market value, so current debt holders will experience a “haircut” from par value, and thus the exchange does not involve a “bailout.” However, present holders of sovereign debt will be exchanging low quality bonds with limited liquidity, for higher quality bonds with greater liquidity. Debt holders not accepting the exchange will be at risk of a forced restructuring at a later date at terms less favorable. The effect of the exchange offer, if a threshold of approximately 70% approve it, is to replace old debt with a lesser amount of new debt with longer maturities | LAWRENCE BERKELEY NATIONAL LABORATORY Environmental Energy Tec h noLog Les J D i vi si on I I I n i r CLEAN ENERGY FINANCING POLICY BRIEF http eetd.lbl.gov June 20 2011 Using Qualified Energy Conservation Bonds QECBs to Fund a Residential Energy Efficiency Loan Program Case Study on Saint Louis County MO Qualified Energy Conservation Bonds QECBs are federally-subsidized debt instruments that enable state tribal and local government issuers to borrow money to fund a range of qualified energy conservation projects. QECBs offer issuers very attractive borrowing rates and long terms and can fund low-interest energy efficiency loans for home and commercial property owners. Saint Louis County MO recently issued over 10 million of QECBs to finance the Saint Louis County SAVES residential energy efficiency loan program. The county s experience negotiating QECB regulations and restrictions can inform future issuers. QECB Background A Qualified Energy Conservation Bond QECB is a debt instrument that enables qualified state tribal and local government issuers to borrow money to fund qualified energy conservation projects.1 First established by the Energy Improvement and Extension Act of 2008 QECB issuance capacity was expanded from 800 million to 3.2 billion by the American Recovery and Reinvestment Act of 2009. The Department of Energy estimates that between 10 and 15 percent of this issuance capacity has been used. A QECB is among the lowest-cost public financing tools because the U.S. Department of Treasury subsidizes the issuer s borrowing costs. Issuers may choose between structuring QECBs as tax credit bonds bond investors receive federal tax credits in lieu of or in addition to interest payments or as direct subsidy bonds bond issuers receive cash rebates from the Treasury to subsidize their interest payments . Both tax credit and direct payment bonds subsidize borrowing costs but most QECBs are being issued as direct subsidy bonds due to lack of investor appetite for
