Recent issuance has come from a wide range of sectors, led by utilities, banks, REITs and technology. On a sector basis, too, the market is becoming increasingly varied, with issuance no longer confined to industries under particular scrutiny for the sustainability of their practices. Beyond the developed world, sustainable issuance from both sovereigns and corporates in emerging markets is also growing. 2 What has previously been a European-dominated market is now broadening out, with the US dollar looking set to become the primary currency for sustainable financing in 2021, at the current pace. As investors, companies, regulators and governments rapidly align behind the goals of the Paris Agreement, issuance of green, social and sustainable bonds is soaring, from USD 565 billion in 2019 to USD 732 billion in 2020. The same trends that are driving demand are also boosting supply. Sustainable fixed income globally saw EUR 59 billion of inflows in 2020, representing a 39% increase vs 2019 1. Demand is growing for investments that have the potential both to do well and do good – not only in equity markets, but across the board.
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