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纵火蛙 · 2024年01月06日

engagement

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."

fixed income中,engagement,不一定是P E 和public 的参与度是不一定的吧?

1 个答案

Tina_品职助教 · 2024年01月08日

嗨,爱思考的PZer你好:


C.选项中,私人债务投资者成功进行接触的可能性确实高于公共债务投资者。在私人债务中,投资者通常与发行人有更密切的关系和更大的影响力,使得就ESG问题进行接触更容易。在私人市场中,投资者可以在发行前推动设定条件和披露ESG,这是由于私人市场的流动性较低且更依赖关系驱动。相比之下,公共债务市场的快速流动和投资广泛分散的特点使得这种接触更具挑战性。而且public debt investors选择退出更容易,也使其相对于私人投资者来说,更少的依赖于engagement的作用。

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