Anthropocene Fixed Income Institute

 Biodiversity exposures in investment portfolios are becoming increasingly important also across the fixed income space. This note analyses the potential of government bond portfolios aligning with the Kunming-Montreal Global Biodiversity Framework, in particular how to approach the importance and non-alignment of US Treasuries in this context.
(5 April 2023)

Cargill's first EUR bond in almost a decade, how does it square with new EU deforestation regulation?
(14 April 2023)

 Leading Swedish food retail chain ICA Gruppen is issuing its first green bond but concerns remain regarding its deforestation strategy.
(10 May 2023)

Let us be clear: the German decommissioning auction is not a happy affair for the involved – the

American expression would be that this is a “shotgun wedding.” But we applaud the closure of 4.8GW of German coal, not least the Vattenfall Moorburg white elephant project.

  The upcoming German hard coal decommissioning auction is giving   the chance for several European governments, through their controlled   subsidiaries, to get rid of coal exposure. What should be the tactics? 

   The merger of agricultural giants Bunge and Viterra has major deforestation implications. This is a great engagement opportunity for ESG-focused investors. 

(14 Jun 2023)

Brazilian meat-processor Minerva has agreed to buy sixteen slaughtering plants from competitor Marfrig. The deal holds substantial risks for Minerva investors over deforestation concerns.

(31 Aug 2023)

 Minerva is in the market with a $1bn 10y BB rated deal, to finance their acquisition of slaughterhouse assets from Marfrig. We expect this deal to price in the coming days.

There are significant sustainability concerns for investors that could lead to weak bond performance.

(5 Sep 2023)

The EU has recently adopted regulation to remove deforestation from its supply chains.

This will be costly for impacted commodities' suppliers, who will either need to improve the sustainability of their supply chains, or suffer fines and loss of market access.

We examine the risks for bondholders.

(13 Sep 2023)