Sustainable Fixed Income

Instruments, Markets, Principles and Standards
1. Auflage 2026
ISBN: 978-1-394-26705-7
Verlag: John Wiley & Sons Inc

Buch, Englisch, 224 Seiten, Format (B × H): 158 mm x 231 mm, Gewicht: 408 g

In Sustainable Fixed Income, Christoph Klein, together with several leading managers and academics, delivers expert coverage of fixed-income research and credit analysis guided by sustainability objectives.

Part One describes the fixed-income market, beginning with a brief history and then introducing government bonds as its cornerstone. It discusses the assumption that government bonds from leading developed countries can still be considered risk-free.  Part Two covers the measurement of corporate credit risk. The author explains how to build a comprehensive quantitative Credit Rating Model that incorporates ESG key performance indicators (KPIs) for individual issuers. Part Three discusses ESG risk assessments and ratings, as well as the link between ESG and credit risk. It provides examples of how artificial intelligence (AI) can help investors and risk managers detect and monitor risks.  Part Four provides an overview of sustainable finance instruments, such as green bonds, as well as principles and developments in global capital markets. It includes regulators’ perspectives on how banks must measure and manage ESG and climate risks and discusses how fixed-income investors can generate impact. Furthermore, this section provides insights into the recommended skills for market participants.

An insightful and comprehensive discussion of a timely subject in credit risk analysis, Sustainable Fixed Income will earn a prominent place in the libraries of portfolio managers, risk professionals, fixed-income securities analysts, investors, financial officers, treasurers and traders everywhere.

Autoren/Hrsg.

Klein, Christoph

Fachgebiete

• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Finanzsektor & Finanzdienstleistungen: Allgemeines
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Anlagen & Wertpapiere

Inhaltsverzeichnis

Acknowledgements xiii
Foreword xv
About the Authors xvii
Introduction 1

PART ONE The Foundation of Fixed Income Markets

CHAPTER 1 A Brief History of the Fixed Income Market 5
Christoph Klein

CHAPTER 2 Are Government Bonds Still Risk-free Benchmarks and 'Sustainable'? 9
Helmut Kaiser and Werner Krämer

PART TWO Measuring Credit Risk

CHAPTER 3 Credit Rating Agencies 43
Daniel Cash and Kelvin Dalrymple

CHAPTER 4 The Rating Agency Scope – Why a European Perspective Matters 69
Herbert Meyer and Christoph Klein

CHAPTER 5 Measuring Corporate Credit Risk 75
Christoph Klein

PART THREE Including ESG in the Risk Assessment

CHAPTER 6 From Opacity to Agency: Why Sustainable Investing Demands a New Data Architecture 129
Benjamin Krusche

CHAPTER 7 Modern Technologies to Monitor and Manage ESG Risks 139
Sanam Gartung

PART FOUR How Can Fixed Income Markets Support Sustainability?

CHAPTER 8 Sustainable Finance Instruments 149
Marcus Pratsch

CHAPTER 9 Can Fixed-Income Investors Generate Impact? 171
Christoph Klein

CHAPTER 10 What Competences are Needed by Market Participants? 175
Kim Schumacher

Conclusion 182
References 182
List of Abbreviations 185

Über Autor(innen)

CHRISTOPH KLEIN, CFA, CEFA, is the Founder and Managing Partner of ESG Portfolio Management, with extensive experience in asset management, fixed income investing, and sustainable finance.
Alongside his investment work, Christoph develops and delivers training programmes for Fitch Learning and teaches analysts and portfolio managers through the DVFA and Frankfurt School of Finance & Management. He is a member of the CFA Standards of Practice Council and the DVFA Sustainable Investing Commission, and previously served on the UN PRI Fixed Income Working Group and the CFA Institute ESG Technical Committee.
A recognised thought leader in sustainable investing, Christoph has published extensively on ESG and credit risk analysis. Under his leadership, ESG Portfolio Management has received numerous industry accolades.
Before founding ESG Portfolio Management, Christoph held senior investment roles across the industry including as Managing Director and Portfolio Strategist at Deutsche Asset Management and Partner and Head of Fixed Income Credit at TriPoint Asset Management. Earlier in his career, he worked as a multi-strategy portfolio manager for credit hedge funds at CPM Advisors in London and as an analyst and portfolio manager specialising in corporate and convertible bonds at Deutsche Asset & Wealth Management.
He was a visiting scholar at the Salomon Center for the Study of Financial Institutions at New York University and received a diploma in business administration from the University of Trier.