Videos

Anu Narula, recaps on key drivers for the Global Focus strategy as we move into the second half of 2021.

Andrew Lake outlines the importance of decarbonisation as companies move to net-zero approach to tracking progress with bond issuers.

It's not sufficient alone to have green bonds in a climate-related fixed income portfolio, or transition bonds on their own. You need a combination of the two.

Andrew Lake discusses the robust engagement framework for the Global Climate Bond strategy and outlines our three clear goals.

The Refintiv Global Focus Convertible Bond Index is by far the most widely used benchmark, as it is available in hedged versions against major currencies and It follows selection criteria for liquidity and size, as well as rules for price and conversion premium.

Due to the pandemic-driven issuance boom, the global market capitalisation of the convertible universe has reached a market value of about $500bn, with over one thousand issues – each with an approximate average size of $500m.

Convertible bonds add credit diversification as about two-thirds of issues are currently not rated by S&P or Moody’s.

Convertible issuers are diverse - from fast-growing small-cap to mature large-cap corporations. Companies may choose to issue convertible securities over shares or bonds for 5 reasons.

The amount by which the value of the convertible can decrease is limited by the bond value, while the amount by which value can increase is potentially unlimited.

The attributes of an individual convertible can change over time, making it more stock-like or more bond-like, allowing investors to take a variety of positions, depending on the strategy deployed.

The delta, which scales between 0 and 100%, captures the change in the price of the convertible bond, for a percentage move in the underlying share price.

A convertible bond is a debt that pays a coupon, it has a maturity date and includes an option to buy the shares at a premium to the current price.

In this video Nicolas outlines the five key tailwinds for 2021, covering Convexity, the pick-up, duration protection, volatility and the strength of the primary market.