All Fixed income articles – Page 9
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Case studyCredit risk case study: Futuregrowth Asset Management
Case study by Futuregrowth Asset Management
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Case studyCredit risk case study: BlueBay Asset Management LLP
Case study by BlueBay Asset Management LLP
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Thought leadershipInvestor case studies on ESG in credit risk analysis
This section contains 15 investor case studies. Contributors are asset owners and investment managers that support the ESG in Credit Ratings Statement and have actively engaged with CRAs through the forums that the PRI has organised as part of the initiative.
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Case studyHow ESG factors are becoming more explicit in credit rating agency commentaries
Below are examples showing how ESG factors are becoming more explicit in CRA commentaries, adding to the list that the PRI published in part two. Corporate and sovereign credit risk examples are offered in chronological order, showing that rating or outlook changes, which are directly influenced by ESG factors, can ...
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Thought leadershipSovereign versus corporate ESG credit risk analysis
In part one, we highlighted the importance of credit ratings in sovereign debt, with the government debt market by far the largest across FI instruments (p. 20).
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Thought leadershipRegional colour from the PRI's ESG in credit risk analysis forums
The forums that the PRI has organised globally have revealed regional differences on three levels: awareness and advancement of ESG consideration; relative sensitivity to ESG factors by country; and regulatory environment and attitudes towards it.
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Thought leadership
Rounding off phase one of the PRI's ESG in Credit Ratings Initiative
This report rounds off phase one of the PRI’s ESG in Credit Ratings Initiative, which has served as an important stimulus for investors and CRAs to sharpen their focus on ESG factors. The progress that it has made in a very short time frame – particularly by the large CRAs ...
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Thought leadershipImproving the transparent and systematic consideration of ESG factors in credit risk analysis
The PRI has compiled a list of more detailed emerging solutions that have been discussed during the investor-CRA roundtables, aimed at improving the transparent and systematic consideration of ESG factors in credit risk analysis.
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Thought leadershipTurning CRA-investor disconnects into action areas
The investor-CRA roundtable discussions revealed that there is broad consensus that ESG factors are not new to credit risk analysis, and that governance is the most important of the three categories when assessing default risk.
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Thought leadershipFostering dialogue between credit rating agencies and investors
This report rounds off a series of three as part of the PRI’s ESG in Credit Ratings Initiative, which started with the launch of the ESG in Credit Ratings Statement in May 2016.
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Thought leadershipESG, credit risk and ratings: part 3 - from disconnects to action areas
Credit risk analysis is evolving. Although the basic tenet of assessing whether an issuer can pay back its obligations on time and in full still holds, the global fixed income (FI) community is increasingly seeking ways to factor in sustainability considerations when allocating capital and managing risks.
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Case studyDelivering social and environmental impact in the healthcare sector
Case study by AllianceBernstein
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ArticleThe ESG integration framework
After extensive analysis of the ESG integration techniques of direct investors across the globe, CFA Institute and PRI collated the many ESG integration techniques used by practitioners and developed the ESG Integration Framework (see below). This article is taken from the Guidance and case studies for ESG integration: equities and ...
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Technical guideGuidance and case studies for ESG integration: equities and fixed income
Set out by the CFA Institute and the PRI, this best practice report helps investors understand how they can better integrate ESG factors into their equity, corporate bond, and sovereign debt portfolios.
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Technical guideESG integration in the Americas: markets, practices and data
This report focuses on the current state of ESG integration in the Americas, with reports for EMEA and APAC are scheduled to be released in March 2019.
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WebinarESG in credit risk analysis: part 2 - exploring the disconnects
Credit rating agency and investor representatives, including Hermes IM, Moody’s Investors Service, Neuberger Berman, Öhman and Pendal Group, discuss the disconnects between investors and credit rating agencies.
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Technical guide
Phasing out investments in thermal coal
While many investors may consider phasing out thermal coal alongside reductions to other fossil fuel assets (such as oil sands, crude oil, natural gas and metallurgical coal), this section focuses on thermal coal assets as a starting point due to their high CO2 content (and potential for carbon reduction), the ...
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Technical guide
Low-carbon, climate-aligned investment opportunities
The shift towards renewable energy is building, recording its highest growth rate of any energy source recorded in 2017.
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Technical guide
Low-carbon investing and green and climate-aligned bonds
Climate (or climate-aligned) bonds refer to labelled and unlabelled bonds for which proceeds are intended to finance projects and activities that contribute to a low-carbon and climate-resilient economy. Green bonds refers to explicitly labelled bonds for which the proceeds will be exclusively used to finance, or re-finance (in part or ...
