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Market thinking

Pinned:The bond market and the climate transition

WallSt Bets, Keynes, BaFin, Fink and climate change shorts

WallSt Bets, Keynes, BaFin, Fink and climate change shorts

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Join work with SSFC where we argue for and describe the relevance and functionality for bond markets in the climate transition. Non-technical.

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WallSt Bets, Keynes, BaFin, Fink and climate change shorts

WallSt Bets, Keynes, BaFin, Fink and climate change shorts

WallSt Bets, Keynes, BaFin, Fink and climate change shorts

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 We discuss the nature of short selling: its dangers, its benefits, after a month of extremely interesting developments in the space. 

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Low carbon credit performance 2015-2020

WallSt Bets, Keynes, BaFin, Fink and climate change shorts

Low carbon credit performance 2015-2020

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  Low carbon has produced stable excess returns versus traditional  credit - we provide an out-of-sample, apples-for-apples examination  using S&P indices based on the ECOBAR allocation model.  

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How to measure the green bond premium

Private equity investment engagement and carbon foot-printing: A real-time case study

Low carbon credit performance 2015-2020

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 Podcast discussion with Keesa Schreane at Refinitv around green bond premiums and some policy recommendations from our work on green bond volatility.

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The Reformed SSA Trader: New Year's Exclusions

Private equity investment engagement and carbon foot-printing: A real-time case study

Private equity investment engagement and carbon foot-printing: A real-time case study

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 With the announcement of the financing of the Vung An II coal  plant, the AFII initiates its SSA exclusion list by putting JBIC and  KEXIM on it, together with a few of AFII's earlier designated SSA  climate destroyers. And we explain what SSA stands for/is. 

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Private equity investment engagement and carbon foot-printing: A real-time case study

Private equity investment engagement and carbon foot-printing: A real-time case study

Private equity investment engagement and carbon foot-printing: A real-time case study

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 The biggest USD bond funder of potential Carmichael coal lender  State Bank of India has a dominant private equity owner,  top-three firm  Apollo Management. What does this mean for (climate concerned) end  investors in Apollo funds, and/or the PE manager's engagement  opportunity here?  .

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Market thinking (cont.)

How green bond markets are (not) supposed to work

Your AMs/PMs want to buy new Saudi Aramco bonds? Have them consider alternatives

Your AMs/PMs want to buy new Saudi Aramco bonds? Have them consider alternatives

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 A green bond market where issuers can directly finance what has  been called “the world’s most insane energy project” and still claim  credit for refinancing a dozen of windmills deserves to be questioned.  Could we avoid it? 

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Your AMs/PMs want to buy new Saudi Aramco bonds? Have them consider alternatives

Your AMs/PMs want to buy new Saudi Aramco bonds? Have them consider alternatives

Your AMs/PMs want to buy new Saudi Aramco bonds? Have them consider alternatives

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We  suggest an alternative way to get almost identical risk-return exposure  but without lining the pockets of Aramco shareholder(s).

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Technical note: An ECB Rapid Decarbonisation Plan

Your AMs/PMs want to buy new Saudi Aramco bonds? Have them consider alternatives

Technical note: An ECB Rapid Decarbonisation Plan

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We suggest a HLE2G framework that could cut back ECB exposure to fosill risks equivalen to 3.5GT of CO2e, by just removing 30 entities from its portfolios and operations.

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Low carbon credit performance, 2020Q3 update

ESG in CDS indices: A practitioner perspective

Technical note: An ECB Rapid Decarbonisation Plan

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We review out-of-sample performance of the ECOBAR model in the implementation through S&P Dow Jones Indices. Performance continues to be strong with a five year Sharpe ratio 1.62.

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Green Bunds will trade as twin bonds

ESG in CDS indices: A practitioner perspective

ESG in CDS indices: A practitioner perspective

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Short comment around how the upcoming Green Bunds (German government bonds) will trade as twins, as discussed in our earlier paper "Green Bond Risk Premiums: A Twin-Bond ULFP Approach". [External link]

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ESG in CDS indices: A practitioner perspective

ESG in CDS indices: A practitioner perspective

ESG in CDS indices: A practitioner perspective

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We outline the potential usage of CDS indices for ESG focused investing.

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Webinar: Central banks, ESG integration and the future of monetary policy

Webinar: Central banks, ESG integration and the future of monetary policy

Webinar: Central banks, ESG integration and the future of monetary policy

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Responsible Investor webinar where we discuss effective climate trades for central bank portfolios.  [External link] 

GARP Sustainability and Climate Risk (SCR) Certificate

Webinar: Central banks, ESG integration and the future of monetary policy

Webinar: Central banks, ESG integration and the future of monetary policy

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The paper "Credit alpha and CO2 reduction: A portfolio manager approach" is on the required reading list for this new certificate from the world's largest association of risk professionals.  [External link] 

External links are not endorsements.

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