---
# System prepended metadata

title: 'Collateral Onboarding Call #46 - Summary'

---

# Collateral Onboarding Call #46 - Summary
July 20th, 2022

## Agenda

- [00:00](https://youtu.be/USaXjAQMdCc): Intro with Retro
- [01:00](https://youtu.be/USaXjAQMdCc?t=60): Pando Investment Grade Climate Assets with Morgan Wright, Dori Rutkevitz, and Peter O'Rourke
- [00:00](): Q&A and Discussion about Pando Investment Grade Climate Assets


## Video

<https://youtu.be/USaXjAQMdCc>

## Introduction

### Retro

#### Agenda and Preamble
[00:00](https://youtu.be/USaXjAQMdCc)

- Hello, MakerDAO community. Thank you for joining the 46th Collateral Onboarding Community Call. Today, we are joined by three team members from Pando presenting Investment Grade Climate Assets for onboarding to the MakerDAO system. We are joined by Morgan Wright, CFO, Dori Rutkevitz, CEO, and Peter O'Rourke, the chief investment officer.
- Discussions about collateral happen in the [Forum.](https://forum.makerdao.com/c/risk/collateral-meetings/23)

## Pando Investment Grade Climate Assets

- [MIP6: Pando Investment Grade Climate Assets Collateral Onboarding](https://forum.makerdao.com/t/mip6-pando-investment-grade-climate-assets-collateral-onboarding/16394)

### Peter O'Rourke

#### Presentation
[01:00](https://youtu.be/USaXjAQMdCc?t=60)

![Pando](https://i.imgur.com/zbQFj0q.jpg)

![Executive Summary](https://i.imgur.com/7srU3WT.png)

![Who is Pando?](https://i.imgur.com/3v974Yd.png)

![Mosaic](https://i.imgur.com/k2C8Kcq.jpg)

![Proposed Solar Investment Structure](https://i.imgur.com/T7DR2ha.jpg)

![Proposed Solar Investment Structure, cont'd](https://i.imgur.com/wVLm6Yq.png)

![Structure Summary](https://i.imgur.com/JpxXeIp.png)

![Benefits to Maker](https://i.imgur.com/T2FMjLc.jpg)

![FAQ's - How does it compare to treasuries?](https://i.imgur.com/bH9GLFK.png)

![FAQ's - How does pricing compare to Bonds?](https://i.imgur.com/GNNLG3c.png)

![FAQ's - How does pricing compare to Bonds, con't?](https://i.imgur.com/ftkogBJ.png)

![FAQ's - Is Maker the only capital in the Transaction (e.g. jr. capital)?](https://i.imgur.com/a31Is8H.png)

![FAQ's - Are these assets liquid?](https://i.imgur.com/U3syzq5.png)

![FAQ's - How is Pando Aligned with Maker?](https://i.imgur.com/Sex79Oi.png)

![DRAFT/Flows](https://i.imgur.com/QZMO1SK.png)

![Roles & Approval Authority](https://i.imgur.com/jc1huRv.png)

![DRAFT/Approvals](https://i.imgur.com/lGAi5Is.png)

![Pando Underwriting Model](https://i.imgur.com/e8ZKaH4.png)

![Pando Team](https://i.imgur.com/MlDPyaB.jpg)

#### Discussion

[18:50 - Someone: What is the yield discrepancy between the Pando loan and the treasury?](https://youtu.be/USaXjAQMdCc?t=1130)

[19:15 - Raphael: Would the yield be less for shorter duration bonds?](https://youtu.be/USaXjAQMdCc?t=1155)

[22:40 - Connor Popik: Cannot we recreate the cashflows of the Pando loan with treasuries?](https://youtu.be/USaXjAQMdCc?t=1360)

[25:41 - Kianga Daverington: Why would we want to exit performing loans?](https://youtu.be/USaXjAQMdCc?t=1541)

[26:11 - David Krett: Would any of these other Mosaic lenders be interested in taking a piece of the proposed Maker Loan upfront?](https://youtu.be/USaXjAQMdCc?t=1571)

[29:14 - Teej: In the case that a recently traded solar bond (e.g., GoodLeap 2022-3 bond, senior priced at 5%) is not a relevant comparison to the subject illiquid project finance loan. What a particular comparison might be for this loan?](https://youtu.be/USaXjAQMdCc?t=1754)

[31:32 - Teej: Is that the argument that Mosaic is inherently structurally a more powerful and better issuer?](https://youtu.be/USaXjAQMdCc?t=1892)

[35:58 - Someone: Let us say the proposal follows through, and in a couple of years, the worst-case scenario of the US government crackdown on DeFi and/or stablecoins materializes, Maker, being one of the primary targets, what is your playbook?](https://youtu.be/USaXjAQMdCc?t=2158)

[37:40 - Eric Rapp: There have been over $8B of consumer loan debt financings in the public market since 2020. Your prices imply that these deals could have been done 6%-12% cheaper in this project finance market, implying that these originators could have financed this $8B of assets at 480 to 960 million cheaper using your approach. Why did they not do this?](https://youtu.be/USaXjAQMdCc?t=2260)

[51:17 - David Krett: Does Mosaic have syndicated and participated loans? If so, what terms and what is the pricing on these?](https://youtu.be/USaXjAQMdCc?t=3077)

[52:15 - Tim Black: Will you provide this deck to the forums? Or is it already there?](https://youtu.be/USaXjAQMdCc?t=3135)

[55:38 - Someone: I understand that the whole loan/securitization markets are intimately intertwined. Is that right?](https://youtu.be/USaXjAQMdCc?t=3338)

[57:09 - David Krett: What is the minimum amount using this transaction structure?](https://youtu.be/USaXjAQMdCc?t=3429)


## Closing Comment

### Retro

#### Outro
[59:08](https://youtu.be/USaXjAQMdCc?t=3548)

- Thank you, Peter, Dori, and Morgan, for the engaging discussion and everyone for joining. We will see you around.

## Credits

- Kunfu-po produced this summary.
- Everyone who spoke and presented on the call, listed in the headers.