AB Explains ESG-Labeled Bonds: Quality Over Quantity
AB Explains ESG-Labeled Bonds: Quality Over Quantity
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).NORTHAMPTON, MA / ACCESSWIRE / August 21, 2024 / AllianceBernstein
北安普敦，马萨诸塞州/美通社/2024年8月21日/AllianceBernstein
ESG-Labeled Bond Issuance Has Declined, but Quality Has Improved
债券型的ESG标记发行量有所下降，但质量有所提高
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.
在快速上升之后，债券型的ESG标记发行量最近有所下降，尽管我们观察到市场的整体质量有所提高（苹果-显示屏）。这是一个有趣的组合，需要解释。
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).
我们分析了超过11,000份ESG标记债券，比较了每份债券在发行时的表态意图与12个月后的实际表现（例如，债券款项在不同项目间的分配，以及这些项目的ESG影响）。
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.
利用披露、目标雄心和与目标的可信度这三个标准，并运用了20多个不同权重的基础因素，我们为每份债券计算了一个质量（或强度）评分，使我们能够在发行人、发行范围和年份间进行比较。
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.
强度评分的激增与我们的经验相符：较弱的发行频率较低，因此新发行市场的整体质量正在提高，而“绿色洗白”似乎不再是一个问题。我们还相信，许多提高的强度是由勤勉的主动投资者指导发行人制定更强的ESG标记债券结构造成的。
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.
我们自己的参与*提供了一些例子。一家全球性公用事业公司发行了具有雄心壮志的可持续发展债券（SLB），但未能达到目标。我们与管理层的讨论揭示了其原因既是暂时的，又不在其控制范围内。我们赞扬了他们的雄心，并支持进一步发行SLB。此外，一家欧洲消费公司的SLB旨在实现大幅度的范围3排放减少，尽管许多同行只披露范围1和2。
*AB engages companies where it believes the engagement is in the best interest of its clients.
*ab参与其相信对客户最有利的公司。
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.
本文所述仅供参考，不构成研究、投资建议或交易推荐，也不一定代表全球货币所有投资团队的观点。观点可能随时间变化。
Learn more about AB's approach to responsibility here.
了解有关AB负责任投资方法的更多信息。
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
过去的表现不能保证未来的结果。Ab ESG标记的债券强度评分是对ESG标记的债券在发行后12个月进行的专有分析。评级基于债券的声明目标和实现目标的进展。较高的评分反映了更强的ESG标记的债券。上述得分为每个年份的市场平均水平。截至2023年12月31日 资料来源：彭博、LGX数据中心和AB
View additional multimedia and more ESG storytelling from AllianceBernstein on 3blmedia.com.
在3blmedia.com上查看其他多媒体和ESG故事，了解更多AllianceBernstein相关信息。
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