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Grove · 2024年05月24日

A选项

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."

我记得之前有讲过一个关于debt owner和equity owner 在公司ESG投资方面难以align的原因,是说debt investor可能会担忧资产充足率和稳定性的问题,导致不太愿意公司进行ESG方面大额的投资(因为会影响杠杆率或者增加creditability)

1 个答案

净净_品职助教 · 2024年05月24日

嗨,从没放弃的小努力你好:


债券持有者和股权持有者在某些情况下可能会因为对公司财务稳定性和杠杆率的不同关注点而产生分歧。然而,在涉及ESG问题时,尤其是长期投资者,他们的利益通常是对齐的,因为良好的ESG实践往往会带来长期的财务健康和风险管理的改善。

债券投资者和股权投资者的长期利益对齐的原因在于,良好的ESG实践不仅能提高企业的可持续发展能力,还能降低长期的运营和监管风险。这些都有助于提升企业的信用质量,降低违约风险,从而对债券持有者有利。同时,股权投资者也会从企业的长远健康发展中受益,因为这通常会带来更稳定的回报和股价增长。

在私募债务市场,投资者在发行前有更多机会设定和推动ESG条款和披露,因为他们可以直接与发行人协商条件。而在公开市场,由于发行速度快且涉及的投资者众多,这种直接接触的机会较少。因此,私募债务投资者在推动ESG实践方面的成功概率更高。

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努力的时光都是限量版,加油!

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