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Fixed income

Innovation in impact bonds

Stephen M. Liberatore
Portfolio Manager, Head of ESG/Impact, Global Fixed Income
Jessica Zarzycki
Portfolio Manager
Adam Guerino
Associate Portfolio Manager
Think innovation
28 Mar 2023  
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The growth and innovation in the impact bond market has unlocked new opportunities for investors to provide capital for projects that have a positive social and/or environmental impact while generating competitive returns.

This paper discusses these developments and presents best practices and a framework for institutional and other professional investors seeking to increase their exposure to impact bonds.

Key Highlights
  • The growing market for publicly listed impact bonds has broadened the opportunity set with a diverse array of issuers, tenures and use of proceeds.
  • Increased regulatory scrutiny and third-party investment frameworks have improved transparency and reporting.
  • Impact objective can be incorporated into fixed income investment objectives.
  • Three-step framework for investing in impact bonds starts with intentionality, makes impact direct and measurable, and prioritises engagement with issuers.
  • The development and growth of impact bonds is demonstrated by case studies and timeline of innovative transactions and industry milestones.

Download the paper

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About the authors

Stephen

Stephen M. Liberatore, CFA®

Portfolio Manager, Head of ESG/Impact, Global Fixed Income
Zarzycki

Jessica Zarzycki, CFA®

Portfolio Manager
A

Adam Guerino

Associate Portfolio Manager
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