Cara Younger, BBVA United States | Next 2021
Executive Director, creation of syndicated financing
Since 2019, Cara Younger has led the structuring of a new product for BBVA’s American client companies: the revolver linked to sustainable development.
In other words, the borrowing companies are offered an open line of credit whose rate varies depending on whether or not they meet the environmental, social and governance objectives set out in the loan agreement. “It’s the intensity of greenhouse gas emissions, or the use of water, recycling for consumer products, things like that,” said Younger, New York-based executive director for the creation of syndicated financing.
Borrowers receive better prices for meeting or exceeding their goals, Younger said. But they could be penalized in pricing for failing – “if emissions increase beyond agreed levels, for example”.
Younger has worked for the past eight years (including two as Executive Director) syndicating a range of both investment grade and speculative grade commercial loans for a variety of large corporations and clients. of the middle market.
BBVA executives credit it with leading efforts to use the funding to help clients achieve their own sustainability goals. His work was pivotal in securing one of the first such deals in the country in 2019 – and the largest executed so far. She helped establish a $ 2.5 billion revolving line of credit used by Avangrid, a Connecticut-based energy company, to meet carbon emissions targets.
Younger’s recent work continues to build on this success.
In December, the U.S. arm of Houston-based Spanish banking giant Banco Bilbao Vizcaya Argentaria was the sole coordinator and lead co-arranger of a $ 3.5 billion sustainability revolver deal with the rental home builder. Invitation Homes. The facility’s permanent rate is linked to an independently validated ESG benchmark.
A similar arrangement was announced in April for Maryland-based real estate investment trust American Homes 4 Rent. AMH amended an existing gun deal with BBVA to introduce sustainability standards and increase the size of the facility to $ 1.25 billion.
“A lot of my job is marketing and trying to find ways to deliver value to the customer,” Younger said. “So it’s not just about providing revolving engagement, but bringing in new ideas, that’s where sustainable lending comes in.”
Prior to joining BBVA, which is in the process of selling its US business to PNC Financial Services Group in Pittsburgh, Younger was a corporate loan structuring specialist at GE Capital, his first job out of college. She graduated in Finance and International Relations from the State of Michigan.
Younger, who has two children aged 4 and 5, enjoys following the sports teams of his alma mater. “I’m a huge fan of Spartan sports,” said the third-generation Michigan State alum, who also has some athletic experience playing basketball, volleyball and softball.
“It was high school, then intramural sports after that,” she said. “I was not D-1 material.”
Executive Appointment: Michael Adler, Head of Corporate and Investment Banking in the United States
What he said: “Cara has consistently demonstrated a level of creativity and leadership that will lead her career down the path to the C-suite,” said Adler.
Green funding is one area where she shines in particular, as she acts as a champion internally, he said. She takes the lead in designing value-added financing options for clients, and promoting them not only to clients, but educating others at BBVA on how the new structures can be used to achieve environmental goals, social and governance.