AB Explains ESG-Labeled Bonds: Quality Over Quantity
AB Explains ESG-Labeled Bonds: Quality Over Quantity
NORTHAMPTON, MA / ACCESSWIRE / August 21, 2024 / AllianceBernstein
北安普敦2024年8月21日訊/ACCESSWIRE/ AllianceBernstein
ESG-Labeled Bond Issuance Has Declined, but Quality Has Improved
ESG標註的債券發行量有所下降，但質量有所提高
After a rapid ascent, issuance of ESG-labeled bonds has fallen back recently, even as we've observed that the overall quality of the market has improved (Display). That's an intriguing combination-with an explanation.
在迅速攀升之後，ESG標註債券的發行量最近有所回落，然而我們觀察到市場總體質量有所提高（顯示屏）。這是一個有趣的組合，需要解釋。
We've analyzed over 11,000 ESG-labeled bonds, comparing each bond's stated intentions at the time of issue with actual performance 12 months later (for example, how the bond's proceeds were allocated across different projects, and the ESG impact of those projects).
我們分析了超過11,000只ESG標註的債券，將每隻債券發行時的聲明意圖與實際表現進行比較，比如債券的收益如何在不同項目之間分配，以及這些項目的ESG影響。
Using three criteria-disclosure, plus ambition of and credibility versus targets-and employing more than 20 underlying factors with different weightings, we calculated a quality (or strength) score for each bond, enabling us to compare them across issuers, universes and vintage years.
我們使用披露、目標的雄心和可信度這三個標準，並採用了20多個不同權重的基礎因素，爲每個債券計算了一個質量（或強度）得分，從而使我們能夠將它們在發行人、投資組合和發行年度之間進行比較。
The surge in strength scores aligns with our experience: weaker issues are coming to market less frequently, so the overall quality of the new-issue market is rising and greenwashing seems less of an issue. We also believe that much of the improved strength is a result of diligent active investors guiding issuers to develop stronger ESG-labeled bond structures.
強度得分激增與我們的經驗相一致：質量較差的發行品出現的頻率較低，因此新發行市場的總體質量正在提高，而綠色洗白似乎不再是一個問題。我們還認爲，大部分提高的強度是由勤勉的主動投資者引導發行人發展更強的ESG標註債券結構的結果。
Our own engagements* offer examples. A global utility company issued sustainability-linked bonds (SLBs) with ambitious targets, which it missed. Our discussions with management revealed the reasons were both temporary and outside their control. We commended their ambition and supported further SLB issuance. Also, a European consumer company's SLB targeted substantial scope 3 emissions reductions-even though many peers only disclose scopes 1 and 2.
我們自己的參與*提供了一些例子。一家全球公用事業公司發行了有雄心勃勃目標的可持續發展債券（SLB），但未能達到目標。我們與管理層的討論揭示了原因既暫時又在他們的控制範圍之外。我們讚揚了他們的雄心，並支持進一步發行可持續發展債券。此外，一家歐洲消費品公司的可持續發展債券的目標是大幅降低第三範圍排放，儘管許多同行只披露第一範圍和第二範圍。
*AB engages companies where it believes the engagement is in the best interest of its clients.
*Ab與公司進行接觸，認爲接觸符合其客戶的最佳利益。
The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams. Views are subject to change over time.
本文所表達的觀點不構成研究、投資建議或交易推薦，並不一定代表所有Ab組合管理團隊的觀點。觀點可能會隨時間變化。
Learn more about AB's approach to responsibility here.
了解有關AB負責任投資方法的更多信息。
Past performance does not guarantee future results. AB ESG-labeled bond strength score represents a proprietary analysis of ESG-labeled bonds 12 months after they were issued. The rating is based on the bonds' stated targets and progress towards those targets. A higher score reflects a stronger ESG-labeled bond. Scores shown above are the market average for each vintage year. Through December 31, 2023 Source: Bloomberg, LGX Datahub and AB
過往表現並不保證未來結果。Ab ESG-標記債券強度評分代表ESG-標記債券發行後12個月的專有分析。評分基於債券的聲明目標及實現這些目標的進展。較高的評分反映了更強的ESG-標記債券。上述分數爲每個年份的市場平均水平。截至2023年12月31日 數據來源：彭博社、LGX Datahub和AB
View additional multimedia and more ESG storytelling from AllianceBernstein on 3blmedia.com.
在3blmedia.com上查看其他多媒體和ESG故事，了解更多AllianceBernstein相關信息。
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SOURCE: AllianceBernstein
來源：AllianceBernstein
譯文內容由第三人軟體翻譯。