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绒谷谷 · 2023年05月12日

请问C

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

1 个答案
已采纳答案

王岑 · 2023年05月12日

嗨,爱思考的PZer你好:


不知道同学想做对比的题是不是第六章这道课后题呢?

这道题目问的是:固定收益投资者参与ESG问题的最大机会是?

这道题是针对不同种类的固定收益投资者的。因为私人债务的流动性通常不如公共债务或主权债务,这导致私人债务的投资者和发行人之间的关系更密切、更长期。由于这些关系,参与ESG问题的机会增加了。

对于公募债券而言,在推进ESG披露方面最大机会是在发行前,因为债券一旦发行了,那么债权人对它的影响就很有限了。这时,对于债权人而言,最大的风险是违约风险。ESG因素虽然会造成短暂的价格波动,但不会再影响到债券本身了。

而参与主权债务的治理几乎是不可能的。在主权债里,只有最大的投资者可能有影响国家立场的任何范围,即使如此,影响也可能很小。


而本题的C选项是说,私人债务投资者成功参与的可能性高于公共债务投资者。这与第六章这道题目的答案是一致的。


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