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188****6911 · 2025年05月08日

bond1和bond3的区别在哪里?为什么选择bond1而不是bond3

NO.PZ2025012206000009

问题如下:

A portfolio has equal holdings of the following investments:


According to PRI's guide "ESG Engagement for Fixed Income Investors"(2018b), which investment is most likely to be the highest priority for engagement?

选项:

A.Bond1 B.Bond2 C.Bond 3

解释:

A is correct. The guide recommends prioritizing engagement with issuers with weak ESG scores and lower credit quality. Bond 1 has the lowest credit score and, along with Bond 3, the lowest ESG score. Issuers with low ESG scores are prioritized because there is greater scope for improvement; those with lower credit quality are prioritized because they are less able to absorb negative ESG impacts.

bond1和bond3的区别在哪里?为什么选择bond1而不是bond3

1 个答案

Carol文_品职助教 · 2025年05月09日

嗨,爱思考的PZer你好:


同学,你好。

详见水印版讲义第六章第73页,根据 PRI《固定收益投资者的ESG参与指南》(2018b),在选择对哪个债券发行人进行ESG对话(engagement)时,应该优先考虑:

  1. ESG表现差(因为有更多改进空间);
  2. 信用质量低(信用评级差)(因为承受ESG相关风险的能力较弱)。

所以,之所以选择Bond1,是因为它在ESG表现差 + 财务脆弱性更高的双重基础上,更“值得”或“需要”被投资者优先对话,促使其改进。

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