NO.PZ2022120703000055
问题如下:
Which of the following is most accurate regarding ESG issues in fixed income?
选项:
A.The ESG interests of long-term fixed income and equity investors do not often align B.For sovereign issuers, ESG engagement is a more common approach than applying an ESG tilt C.The probability of successful engagement is higher for private debt investors than for public debt investors解释:
C is correct because "the greatest opportunity to push for conditions and disclosures around ESG is likely to be pre-issuance. This can be difficult to implement in fast-moving public markets, but is easier to effect in private debt issuance."
A is incorrect because "in almost all cases relating to ESG matters at companies that are going concerns, the interests of long-term investors (whether they are exposed to equity or debt) very much align".
B is incorrect because "the ESG approach usually applied in this asset class sovereign debt is screening or an ESG tilt in the investment process rather than engagement."
不理解为什么C是对的。我记得上一章有一题是问哪个债券会有更大的ESG issues。那道题的答案也是说private debt的ESG issues最大。因为private debt的流通量很低,不能像public debt 和主权债一样容易出手。
那请问为什么这题C又是对的?难道不是public debt能做到更好的信息披露么?
还是说private debt反而更容易进行这方面的管理?看的有点晕