{"id":551512,"date":"2022-06-22T13:22:01","date_gmt":"2022-06-22T13:22:01","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/is-esg-sovereign-debt-next-in-line-for-the-guillotine\/"},"modified":"2022-06-22T13:22:01","modified_gmt":"2022-06-22T13:22:01","slug":"is-esg-sovereign-debt-next-in-line-for-the-guillotine","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/is-esg-sovereign-debt-next-in-line-for-the-guillotine\/","title":{"rendered":"Is ESG sovereign debt next in line for the guillotine?"},"content":{"rendered":"

<\/a> ESG equities have been under fire \u2014 but ESG bond funds appear more resilient: <\/strong>While some investors have turned their backs on ESG-focused equity funds amid greenwashing criticism, ESG funds that track bonds don\u2019t appear to have been tarred with the same brush.<\/p>\n

The difference in performance between ESG equities and bonds has been stark this year: <\/strong>Between January of this year and the end of April, ESG bond funds (spanning both corporate and sovereign debt) saw some USD 7.4 bn in inflows, while non-ESG funds hemorrhaged some USD 168 bn, according to a Bank of America (BoA) report cited by the Financial Times<\/a>. By contrast, investments into ESG equity funds fell 36% during 1Q 2022<\/a> and further in April \u2014 \u201cthe worst showing since before the pandemic began,\u201d BoA analysts said \u2014 as investors in ESG equities lost faith that asset managers are really investing ethically.<\/p>\n

Now ESG ratings agencies are pointing out that when it comes to sovereign debt, investors would do well to pay closer attention to ESG-related risks: <\/strong>Russia has become a cautionary tale, after the value of its sovereign debt plummeted immediately following the invasion of Ukraine. But consulting firm Verisk Maplecroft had identified a mismatch between its listing value and how the country was faring along its ESG metrics (hint: pretty poorly) that predated the war, the FT notes. Investors wouldn\u2019t have ended up out of pocket if they hadn\u2019t been \u201ccomplacent\u201d about the ESG risks inherent in Russian sovereign debt, Verisk argues.<\/p>\n

There are a bunch of other bonds investors should be concerned about, Verisk says \u2014 and we\u2019re one of them. <\/strong>Fifteen bond-issuing countries including Egypt, Turkey, Peru, and Nigeria all score worse than Russia on Verisk\u2019s ESG metrics<\/a>. Turkey, for example, scores very low because of labor rights problems, food security issues and judicial weakness.<\/p>\n

The MENA region doesn\u2019t do well overall:<\/strong> Poor scores for Egypt and Tunisia are \u201cpart of a broader picture across MENA of markets that are persistently poor, or deteriorating, on ESG,\u201d Verisk says.<\/p>\n

This isn\u2019t about judging which countries are \u201cethical,\u201d proponents say, but about managing risk and maximizing returns. <\/strong>Verisk says high ESG scores are indicative of higher returns on countries\u2019 sovereign bonds. And even where returns are similar across bonds, those with better ESG credentials present lower volatility, JPMorgan researchers have found (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

ESG equities have been under fire \u2014 but ESG bond funds appear more resilient: While some investors have turned their backs on ESG-focused equity funds amid greenwashing criticism, ESG funds that track bonds don\u2019t appear to have been tarred with the same brush. The difference in performance between ESG equities and bonds has been stark […]<\/p>\n","protected":false},"author":1,"featured_media":551513,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7691],"tags":[82,633,7229,2817,7087],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-551512","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-bonds","tag-enterprisepm","tag-esg","tag-esg-funds","tag-finance","wpautop","entry"],"acf":{"mongo_id":"520df0ac-6225-4b04-acaf-80fe48ecc9a1","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/6\/479.jpg","photo_position":"above","related_issue":[551501],"teaser":"","voice_url":""},"yoast_head":"\nIs ESG sovereign debt next in line for the guillotine? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/is-esg-sovereign-debt-next-in-line-for-the-guillotine\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is ESG sovereign debt next in line for the guillotine?\" \/>\n<meta property=\"og:description\" content=\"ESG equities have been under fire \u2014 but ESG bond funds appear more resilient: While some investors have turned their backs on ESG-focused equity funds amid greenwashing criticism, ESG funds that track bonds don\u2019t appear to have been tarred with the same brush. 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This compares to the almost USD 68 bn invested in such funds across the whole of 2020.\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":558945,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/03\/what-happened-internationally-in-2020\/","url_meta":{"origin":551512,"position":2},"title":"What happened internationally in 2020","author":"enterpriseam admin","date":"3 January 2021","format":false,"excerpt":"2020 in review on the global fronts \u2014 rethinking portfolios, Fed stimulus, tech, and ESG: Bloomberg recapped the trends of one of the most interesting years in global investing that challenged the relationship between stocks and bonds, and the resilience of tech and ESG. The business information service cites several\u2026","rel":"","context":"In "YEAR IN REVIEW"","block_context":{"text":"YEAR IN REVIEW","link":"https:\/\/enterpriseam.com\/egypt\/category\/year-in-review\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/22.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578246,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/riyadh-cables-falls-12-on-market-debut-esg-funds-see-first-annual-outflows-since-2011\/","url_meta":{"origin":551512,"position":3},"title":"Riyadh Cables falls 12% on market debut + ESG funds see first annual outflows since 2011","author":"enterpriseam admin","date":"20 December 2022","format":false,"excerpt":"Riyadh Cables didn\u2019t have a great start to life on the Saudi stock exchange yesterday: Riyadh Cables Group\u2019s shares fell 12% on their market debut in Riyadh yesterday after the company raised USD 378 mn in its IPO. Shares hit the exchange at the top end of the USD 39-43\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/429.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579491,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/02\/esg-has-a-problem-when-it-comes-to-ems\/","url_meta":{"origin":551512,"position":4},"title":"ESG has a problem when it comes to EMs","author":"enterpriseam admin","date":"2 November 2022","format":false,"excerpt":"Why are ESG investors turning their back on EMs? Worries about risk in emerging markets is leading ESG investors to shun them, according to the Financial Times. In theory, ESG investors should care about improving environmental and ethical standards in emerging-market business practices and production lines. But in practice, many\u2026","rel":"","context":"In "Macro picture"","block_context":{"text":"Macro picture","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/578.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":551407,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/15\/will-i-sheep-soon-become-nothing-sheep-esg-funds-arent-as-appealing-as-they-once-were\/","url_meta":{"origin":551512,"position":5},"title":"Will i-Sheep soon become Nothing-Sheep? + ESG funds aren\u2019t as appealing as they once were","author":"enterpriseam admin","date":"15 June 2022","format":false,"excerpt":"Are Apple and Samsung finally getting a competitor on the same level? A consumer electronics startup weirdly called Nothing is emerging in the tech world, promising to deliver a new mobile phone that can compete with the two powerhouses that are Apple and Samsung.Nothing has so far gathered USD 200\u2026","rel":"","context":"In "FOR YOUR COMMUTE"","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/442.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/551512","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=551512"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/551512\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/551501"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/551513"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=551512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=551512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=551512"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=551512"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=551512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}