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IGM Credit

Global ESG Issuance Trends 1H 2021 Edition

IGM ESG Global Credit Issuamce Trends

• Global issuance of ESG bonds tracked by IGM in the first half of 2021 surpassed all of 2020's issuance to total USD 474.79bn on 595 tranches. This compared to last year's ESG issuance of USD 468bn on 530 tranches. • Q2 ESG issuance came in a touch lower than Q1's record quarter issuance of USD 251.67bn at USD 223.11bn but still represented the 2nd largest quarter of ESG issuance per IGM's records and 97% higher than Q2 2020. • Green bonds remain the favored theme and comprised 44% of total ESG issuance over Q2 at USD 98bn versus 40% in Q2. • Sustainability-Linked bond issuance stood out in Q2 however with issuance surging to a record USD 26.28bn, more than the accumulated volume from when the 1st SLB was issued in Sep 2019 to end Q1 2021, of USD 15.789bn. • The 10 largest tranches in Q2 (and H1) once again came from Europe or cross border* issuers, of which the largest ESG issuer continues to be the EU via its SURE Social Bond framework. Consequently Euros, SSAs and Investment Grade proved once again to be the predominant currency, sector and rating categories of ESG issuances. • ESG now comprises around a quarter of all European issuance, led by green & social bonds. • Q2 ESG issuance by US issuers was the 2nd largest on record after Q1's record volume of USD57.74bn at USD 51.55bn and represents a 34% rise vs Q2 2020. Issuance in the US has gained four fold from Q2 2020 but still represents a mere 8% of US issuance volumes, signalling room for expansion. • China has leapt onto the ESG bandwagon and now represents the 4th largest global issuer ex supras after France, Germany and the US, with issuance from Chinese issuers surging 91% in Q2 vs. Q1 to USD 7.97bn and USD 11.47bn for 1H. From 2% this time last year, APAC US$ ESG issuance now comprises over 16% of all APAC US$ issuance.

Topic Industry News ESG

Zephyr Portfolio Analytics

Ryan Nauman's Weekly Recap: COVID-19 Market Edition 07.12.21

Ryan Nauman's Weekly Recap: COVID-19 Market Edition 07.12.21

All eyes will be on the release of the June Consumer Price index during the week ahead. The Federal Reserve and inflation have been and will continue to be the drivers of market behavior, so it is not surprising most will be watching the inflation reading. The Fed’s tone recently turned hawkish in part due to the pace of rising inflation. If inflation continues to rise higher with no signs of slowing in the near term, the Fed’s tone might become more hawkish.

Topic Industry News

Zephyr Portfolio Analytics

Ryan Nauman's Weekly Recap: COVID-19 Market Edition 07.05.21

Ryan Nauman's Weekly Recap: COVID-19 Market Edition 07.05.21

The holiday shortened week ahead is light on economic data but there are some releases worth monitoring such as the services PMIs and jobless claims. I will be focusing on job openings, as labor supply remains tight in many sectors as people continue to deal with childcare issues, pandemic concerns, and would rather stay home and collect relatively attractive unemployment benefits. Last month openings nearly equaled the number of unemployed, which I expect to continue to narrow. Additionally, I will have a keen eye on the FOMC meeting minutes as inflation and the Federal Reserve continue to drive markets.

Topic Industry News

IGM FX and Rates

Asia Pacific 2H 2021 FX Outlook

IGM Snapshot

Short term momentum looks positive for the USD, but structural headwinds could still undermine the dollar in H2. Several factors, either in isolation or combined, might be needed before the market re-embraces short USD positions – a meaningful position adjustment, more assertive pushback from Fed officials around tightening/taper expectations and the rest of the world, particularly the EU, looking better. US growth upgrades have outpaced the other major developed economies by a comfortable margin in 2021 to date.

Topic Industry News

Zephyr Portfolio Analytics

Ryan Nauman's Weekly Recap: COVID-19 Market Edition 06.28.21

Ryan Nauman's Weekly Recap: COVID-19 Market Edition 06.28.21

The week ahead includes speeches from top Federal Reserve officials as well as a slew of economic data releases including home price index, consumer confidence and manufacturing PMI readings. However, the highlight of the week will be the release of the June jobs report. The labor market has been improving recently as vaccinations ramp up and businesses continue to increase staffing to handle the increase in demand. However, obstacles such as, childcare issues, ongoing pandemic concerns, and juiced up unemployment benefits continue to keep workers on the sideline and will keep the unemployment rate relatively high. I will be paying close attention to wage growth, as it is a primary driver of inflation and whether higher inflation will be temporary or sticky.

Topic Industry News

Zephyr Portfolio Analytics

Ryan Nauman's Weekly Recap: COVID-19 Market Edition 06.21.21

Ryan Nauman's Weekly Recap: COVID-19 Market Edition 06.21.21

The Federal Reserve (Fed) and inflation are clearly in the crosshairs of investors moving forward after the Fed signaled that they may tighten monetary policies sooner than expected as inflation and the economy have recovered quicker than expected. During the week ahead we will get another look at the Fed’s preferred inflation gauge (core PCE) on Friday which will be widely watched.

Topic Industry News

Zephyr Portfolio Analytics

Ryan Nauman's Weekly Recap: COVID-19 Market Edition 06.14.21

Ryan Nauman's Weekly Recap: COVID-19 Market Edition 06.14.21

The highlight of the week ahead will be the Federal Reserve’s June meeting announcement and Fed Chairman Jerome Powell’s follow up press conference. Most will continue to focus on the Fed’s statement regarding rising inflation and any clues on when the central bank may begin to taper its asset purchases, so it doesn’t fall behind the curve. With manufactures struggling to find qualified labor and contending with higher input prices, I will also be watching the regional manufacturing indexes during the week ahead, which tend to be good indicators for the broader manufacturing sector.

Topic Industry News

Zephyr Portfolio Analytics

Ryan Nauman's Weekly Recap: COVID-19 Market Edition 06.01.21

Ryan Nauman's Weekly Recap: COVID-19 Market Edition 06.01.21

The upcoming week is jobs week with both the ADP employment and the nonfarm payroll reports for May being released. With inflation numbers spiking, all eyes now turn to the strength of the labor market which will contribute to the decision-making process of the Fed. I will be paying close attention to wage growth as employers struggle to fill jobs and may be forced to increase wages to attract workers, which will also contribute to higher inflation.

Topic Industry News