Cookie Settings
Picture
Contatti
Picture

ECB provides details on how it aims to decarbonise its corporate bond holdings

In breve

The ECB published today the details of its decarbonisation process. It will be based on an issuer-specific climate score integrating both a backward-looking and forward-looking component as well as a data disclo-sure quality score.

Highlights:

  • The ECB published today the details of its decarbonisation process. It will be based on an issuer-specific climate score integrating both a backward-looking and forward-looking component as well as a data disclosure quality score.
  • The central bank has not provided any information on the origin of the scores to be used.
  • The corporate bond purchases will be tilted towards issuers with better scores starting 1 October 2022, not triggering any loss of eligibility for now. Still, the ECB will now impose maturity limits on bonds from lower-scoring issuers. The comparison versus the average portfolio score may penalise sectors with the heaviest emissions based on our analysis of Utilities, Materials, and Energy.
  • While this is a crucial step for the ECB, the fact that the quantitative tightening is fast approaching, potentially reducing the reinvestments in the APP already in Q123, may reduce the market impact that could have been initially envisaged. That being said, as most private investors are concomitantly attempting to improve the carbon footprint of their portfolio, we are still expecting the “E” component of the ESG scores to further feed into credit market valuations.
     

Read the full publication below

ECB provides details on how it aims to decarbonise its corporate bond holdings
Competenze
Investimenti Responsabili
Insights
Chi Siamo
Contatti
Picture
Picture

© Generali Investments, tutti i diritti riservati. Questo sito web è fornito da Generali Investments Holding S.p.A. in qualità di holding delle principali società di gestione del risparmio del Gruppo Generali che detengono, direttamente o indirettamente, la maggioranza delle partecipazioni nelle società sotto elencate (di seguito, congiuntamente, "Generali Investments"). Questo sito web può contenere informazioni relative all'attività delle seguenti società: Generali Asset Management S.p.A. Società di gestione del risparmio, Infranity, Sycomore Asset Management, Aperture Investors LLC (inclusa Aperture Investors UK Ltd), Plenisfer Investments S.p.A. Società di gestione del risparmio, Lumyna Investments Limited, Sosteneo S. p.A. Società di gestione del risparmio, Generali Real Estate S.p.A. Società di gestione del risparmio, Conning* e tra le sue controllate Global Evolution Asset Management A/S - incluse Global Evolution USA, LLC e Global Evolution Fund Management Singapore Pte. Ltd - Octagon Credit Investors, LLC, Pearlmark Real Estate, LLC e Generali Investments CEE. *Comprende Conning, Inc., Conning Asset Management Limited, Conning Asia Pacific Limited, Conning Investment Products, Inc. e Goodwin Capital Advisers, Inc. (collettivamente, "Conning").

Note Legali
Informativa Sui Cookie
Informativa Sulla Privacy
Termini e Condizioni
Copyright
Glossario