The International Capital Market Association (ICMA) recently introduced the Climate Transition Bond label under its Principles, to channel capital towards projects that support the decarbonisation of high-emitting sectors, in line with the goals of the Paris Agreement. Representing a logical and necessary evolution in sustainable fixed income markets, the label's success will depend on disciplined execution and investor confidence.

High‑yield (HY) issuers - companies rated below investment grade - operate with higher perceived credit risk and generally provide less consistent public disclosure than their investment‑grade (IG) counterparts. In ESG analysis, this discrepancy is especially pronounced. While IG companies typically publish detailed sustainability metrics and governance structures, HY issuers often disclose only the minimum required by regulation.

Emerging economies are generally considered to have high potential, primarily due to demographic growth and a population that is on average younger than that of developed countries. At the same time, however, these markets are often perceived as less robust in terms of environmental and social sustainability and the quality of democratic institutions. Precisely for this reason, the integration of sustainability criteria into emerging market debt portfolios represents a source of real and measurable added value.