It remains one of the most under-reported mysteries that ESG in fixed income has lagged behind equities measured by legacy, column inches, product availability (and conference airtime!). This is despite fixed income being the natural (and growing home) for asset allocations in ageing advanced economies, and fixed income (debt and loans) being the funding engine of economic and corporate growth. This short talk will look at five elements of this mystery:

• Why is ESG so important for fixed income?
• How is fixed income ESG evolving?
• What are ESG Ratings and how they are used?
• Engagement: the elephant in the room
• Practical steps investors & owners are taking