Fixed income
Fixed income investors may not be shareholders, but as lenders of capital through corporate and government bonds, they can play an important role in promoting the responsible investment agenda.
Our resources explore the role of credit rating agencies in enhancing the integration of environmental, social and governance (ESG) factors in credit risk analysis. We also examine ESG incorporation in fixed income asset classes such as private debt, securitised debt, sovereign debt and sub-sovereign debt. To hear more about our fixed income work, contact us.
Fixed income workstreams
Credit risk and ratings
The PRI is facilitating a dialogue between credit ratings agencies and investors to cultivate a common language, discuss ESG risks to creditworthiness and bridge disconnects.
Private debt
ESG incorporation in private debt provides limited partners (LPs) and general partners (GPs) with additional credit risk insights throughout the deal cycle.
Securitised debt
ESG incorporation in securitised debt is in its infancy compared to other fixed income sub-asset classes, although the discussion is quickly evolving from why to how.
Sovereign debt
A more explicit and systematic consideration of ESG factors can enhance risk assessments of government bonds and help drive change towards more sustainable growth models.
Sub-sovereign debt
Sub-sovereign bondholders often fund public services and infrastructure, which have a clear link to sustainability outcomes while potentially being vulnerable to ESG risks.
Fixed income resources
An introduction to responsible investment: fixed income
A must-read for those considering how to incorporate ESG factor in valuations within fixed income.
Mapping the role sustainable bonds play in the fixed income market
The sustainable bond market is growing rapidly. We explain some of the market dynamics and provide a starting point for enhanced scrutiny.
Responsible investment DDQ for fixed income investors
This due diligence questionnaire has been developed to help investors understand and evaluate fixed income managers’ approaches to responsible investment.
Broadening the outreach to investment consultants
Investment consultants are critical stakeholders in the investment chain, advising institutional asset owners on a range of issues, including the selection, appointment and monitoring of external managers.
Podcasts
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Webinars
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Mirova: Using the SDGs to accelerate sustainable economic transformation
SDG outcomes case study
Eurizon Capital: Addressing emissions in the cement sector
Danica: Reaching net zero through sectoral target setting
AlbaCore Capital Group: Carbon conscious investing
Jupiter Asset Management: Incorporating human rights considerations into sovereign debt analysis
AP2: Country-level framework to assess human rights
Climate regulatory risks have strong impacts on corporate bond pricing and credit ratings
By Laura Starks, George Kozmetsky Centennial Distinguished University Chair and Professor of Finance, McCombs School of Business, University of Texas at Austin
Other Fixed Income Resources
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- The PRI is an investor initiative in partnership with UNEP Finance Initiative and UN Global Compact.
- PRI Association, 25 Camperdown Street, London, E1 8DZ, UK
- Company no: 7207947
- +44 (0)20 3714 3141
- [email protected]