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Green bonds: What are they and how do you choose the right ones?
August 10, 2023
As the Albanese government prepares to issue Australia’s first sovereign green bonds, Pendal’s head of credit and sustainable strategies GEORGE BISHAY and ESG credit analyst MURRAY ACKMAN explain the issues in our latest fast podcast
You can also listen to this podcast on Apple or Spotify
An excerpt from this interview with Pendal’s head of government bond strategies Tim Hext:
The Albanese government is getting ready to launch Australia’s first sovereign green bonds, which are designed to fund public net-zero projects.
As with all new green bond issuances, investors will be looking to make a good return and a positive impact.
When it comes to impact, investors should be looking “additionality” in the projects funded by Albo’s green bonds, say Pendal’s head of credit and sustainable strategies George Bishay and ESG credit analyst Murray Ackman.
What does ‘additionality’ mean?
“Is it actually a step change?,” asks George. “Is it just refinancing an old project or is it a new project?”
Pendal’s team will be looking closely at additionality when considering the federal government’s issuances, which should be able to support bigger, riskier projects.
“We’re wanting to see projects that bring about some kind of revolutionary change,” says Murray.
“For example, we’ve seen in the US the Inflation Reduction Act has created a market for hydrogen by subsidising it significantly.”
In this short podcast, George and Murray explain more about green bonds and what investors should be
Find out about
Pendal’s Income and Fixed Interest funds
About George Bishay, Murray Ackman and Pendal’s Income and Fixed Interest boutique
George Bishay is Pendal’s head of credit and sustainable strategies. George has managed dedicated sustainable fixed interest portfolios for more than a decade.
He has worked across fixed income, credit and money market portfolios in investment management, credit analysis and dealing roles for more than 20 years.
In 2019 George was awarded the Alpha Manager status by Money Management publisher FE fundinfo.
Credit ESG analyst Murray Ackman joined Pendal’s Income and Fixed Interest team in 2020 to provide fundamental credit analysis and integrate Environmental, Social and Governance factors across credit funds.
Murray has worked as a consultant measuring ESG for family offices and private equity firms and was a Research Fellow at the Institute for Economics and Peace.
Pendal’s Income and Fixed Interest boutique is one of the most experienced and well-regarded fixed income teams in Australia.
The team’s awards include Lonsec’s Active Fixed Income Fund of the Year (2022) and Zenith’s Australian Fixed Interest Manager of the Year (2020).
Regnan Credit Impact Trust is an investment strategy that puts capital to work for positive change.
Pendal Sustainable Australian Fixed Interest Fund is an Australian bond fund that aims to deliver performance alongside positive environmental and social outcomes.
This information has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332, AFSL No 431426 and is current at August 10, 2023. PFSL is the responsible entity and issuer of units in the Regnan Credit Impact Trust (Trust) ARSN: 638 304 220 and Pendal Sustainable Australian Fixed Interest Fund (Fund) ARSN: 612 664 730.
A product disclosure statement (PDS) is available for the Fund and can be obtained by calling 1300 346 821 or visiting www.pendalgroup.com. The Target Market Determination (TMD) for the Fund is available at www.pendalgroup.com/ddo. You should obtain and consider the PDS and the TMD before deciding whether to acquire, continue to hold or dispose of units in the Fund. An investment in the Fund or any of the funds referred to in this web page is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested.
This information is for general purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It has been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on this information, consider its appropriateness having regard to their individual objectives, financial situation and needs. This information is not to be regarded as a securities recommendation. The information may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information is complete and correct, to the maximum extent permitted by law neither PFSL nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information.
Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. Any projections are predictive only and should not be relied upon when making an investment decision or recommendation.
While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com
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