Federated Hermes：2021年固定收益第一季度报告：固定收益领域的气候变化全景（英文版）（35页）.pdf

1、Sustainability SPECIAL EDITIONAndrew Jackson Head of Fixed IncomeMitch Reznick, CFA Head of Research and Sustainable Fixed IncomeFixed Income Quarterly ReportQ1 2021360 A changing climate in fixed income www.hermes-For professional investors onlyFor professional investors only www.hermes-2Commentary

2、 Last year, the devastating and unrelenting coronavirus crisis turned the spotlight on sustainability. During that time, sustainable finance shifted from a niche corner of the market to a position of prominence and permanence because we believe there is no going back. A global, public health crisis;

3、 social inequality and unrest; record economic retraction and violent swings in financial markets. To say that 2020 was a very challenging year might be the mother of all understatements. The primary driver for the turbulence in fixed-income markets was, to state the obvious, the Covid-19 pandemic a

4、nd its associated effects onsociety and the economy. As credit investors, typically we would have some miserable, lugubrious take on such market events. Although there certainly will be a reversion to that base-case disposition sometime in the future, we actually seea silver lining in all ofthis.If

5、nothing else, the Covid-19 pandemic exposed the importance of addressing environmental and social challenges. Within investments, “sustainability” came under the spotlight, drawing attention from all corners of the capital markets. Indeed, 2020 was a record fundraising year for sustainable investmen

6、t funds, with global net assets reaching close to $1.6tn (see figure 1). It was also a record year for green and sustainability-themed bonds and loans with issuance of $700bn for an 80% jump year on year, with substantial growth coming out of the US. For these reasons, we decided to take a thematic