30 april 2024

Sustainability-linked bonds: the Enel case

Enel is the largest issuer of sustainability-linked bonds and ten of these bonds reached their first observation date in late 2023. Here, we consider if they reached their sustainability performance targets and the conclusions we can draw about their price and credit spreads.

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24 april 2024

US government bonds in a high-debt environment

As the US grapples with a growing national debt, now standing at USD 34 trillion, the implications for US Treasury bonds are significant, but not insurmountable. Despite the growing debt, the US Treasury's ability to fund itself remains unchallenged, largely due to the economic strength of the country. However, the fiscal landscape is marred by expected deteriorations in budget deficits and debt-to-GDP ratios, alongside governance erosion, which includes the slow legislative process for funding bills and raising the debt ceiling.

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5 maart 2024

Risk, return & sustainability - Reshaping corporate bond analysis

As the world pivots towards a Net Zero economy, regulation is propelling ESG considerations to the forefront of credit analysis. At DPAM, this focus on ESG isn't just practice; it's principle. By blending traditional financial metrics with a thorough assessment of a company's ESG risk profile, DPAM crafts a nuanced, multi-dimensional view of bond attractiveness and creditworthiness. This approach doesn't just follow the trend—it aims to set the standard.

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