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Text Content

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 * Belgium
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 * Denmark
 * Finland
 * France
 * Germany
 * Hong Kong
 * Ireland
 * Italy
 * Japan
 * Luxembourg
 * Netherlands
 * Norway
 * Portugal
 * Singapore
 * Slovakia
 * South Korea
 * Spain
 * Sweden
 * Switzerland
 * United Kingdom
 * United States of America

EN
Professional investor
 * Retail investor
   
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 * About Us
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 * Funds & Solutions
 * Press Room
 * My Subscriptions
 * My Wishlist
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 * Contact
 * My Subscriptions
 * CRIS


My Subscriptions My Wishlist Contact
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 * Ireland
 * Italy
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 * Netherlands
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06 MAY

2022


MAKING YOUR BOND INVESTMENTS WORK FOR THE WORLD’S SUSTAINABLE FUTURE

Just in a few years, sustainable bonds have evolved from a small niche
investment area in fixed income to being taken seriously as an instrument of
sustainable change by all kinds of issuers, from corporates to large
international financial institutions and the EU. While these bonds are not as
simple to analyse as most of their peers, investors should seek specialist help
to invest before this new innovative area becomes overwhelmed by investor
demand.

As market participants focus their minds on meeting carbon neutral objectives
and global sustainability agenda, these innovative instruments are seen as a
valuable source of finance for environmental and social projects. They are also
used by companies to improve their sustainability credentials.



Objectives-focused nature

The key distinctive feature of sustainable bonds, which has been responsible for
much of their rapid growth (see Figure 1), is the ability to target their
contributions towards sustainable development goals.

Figure 1 Issuance of sustainable and sustainability-linked (SLBs) bonds, yearly,
USD billion




Source: Candriam, Bloomberg© as at 15/12/2021, Candriam’s expectations for 2022.

 

In the past, sustainable investing in fixed income was mainly about issuers’ ESG
credentials. By placing project objectives at their heart, sustainable bonds
effectively moved the focus of responsible investors from issuers right to the
actual environmental/ social impact that their proceeds are expected to make. 

 

Measuring impact

In contrast to ordinary bonds, investing in sustainable issues does not just
involve a lending transaction. It gives investors an opportunity to actively
engage with issuers on topics like implementation and meeting sustainable
objectives.

Sustainable bonds provide investors and lenders with the ability to:

 * Evaluate the project(s) financed by the bond
 * Track the use of bond proceeds
 * Assess bond proceeds’ overall impact through the entire life cycle of the
   project

This is one of the most remarkable features of sustainable fixed income – by
engaging with issuers and monitoring successful implementation, bondholders
become involved in the process of building sustainable future, acquiring a sense
of ownership and engagement that ordinary bonds simply never had.



Complexity that requires specialised expertise

Sustainable bonds’ focus on objectives also created a certain level of
complexity for issue selection decisions. Indeed, investing in this area is not
without challenges and hence requires a high level of expertise, mainly for the
following reasons:

 1. Tracking of bond proceeds and project impact evaluation are crucial elements
    of the investment process. But they depend largely on issuers’ ESG corporate
    and sovereign reporting meeting a certain level of disclosure and
    transparency. Unfortunately, international ESG reporting standards do not
    yet exist and investors will have to know how to identify and fill the gaps
    in reported data.
 2. There is still a general lack of ESG data across the sustainable bond
    universe. Investors will need to continuously engage with sustainable
    issuers to ensure that all the required information is provided.
 3. The analysis of issuers and their use of proceeds - two essential elements
    of sustainable bond due diligence - requires a great deal of specialist
    knowledge. They are based on detailed and comprehensive frameworks, each
    tailored to a particular type of sustainable debt.

Sustainable bonds have certainly been a key innovation in the new era of
investing, and their distinctive objective of contributing to building a
sustainable future ensures a prominent place in the financial markets. They
offer a partnership between bond issuers and investors, to better facilitate a
move towards a better and more sustainable market and society.

Contact Us

We value your input and welcome your questions and comments...

Contact


CANDRIAM “Conviction AND Responsibility In Asset Management”

One of Europe’s leading asset managers

600+

Experienced professionals

Multi-specialist in traditional, alternative and SRI management

25

Years of experience

Part of New York Life, a Fortune100© company

USD 180bn

Assets under supervision on December 2021

As of 31 December 2021. Assets under supervision includes approximately $156.32
billion which fall within the U.S. Securities and Exchange Commission's
definition of 'regulatory AUM' in Form ADV Part 1A. The remaining $ 23.28
billion consists of other non-discretionary advisory or related services.



Conviction-driven investment solutions in 5 areas
 * Absolute Return
 * Asset Allocation
 * Equity
 * Fixed Income
 * Sustainable & Responsible Investments

Presence in several European countries and in selected high-potential region
 * Amsterdam
 * Brussels
 * Dubai
 * Frankfurt
 * Geneva
 * New York City

 * London
 * Luxembourg
 * Madrid
 * Milan
 * Paris
 * Zurich

Press Room

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