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)