Buzz: Transfer to editor

Focal points

• The global sustainable debt market reached US$8.1 trillion in cumulative GSS+ issuance by end-2025, with US$6.8 trillion (83%) assessed as Climate Bonds-aligned; annual aligned issuance exceeded US$1 trillion for the third consecutive year.
• Europe leads global sustainable debt issuance, accounting for 45% of total aligned annual GSS+ volume and over US$3 trillion cumulatively; Asia-Pacific is the second-largest region with US$305.6 billion issued in 2025, while North America approaches US$1 trillion in cumulative issuance.
• Adaptation and resilience finance is identified as a rapidly emerging priority, as climate-related disasters increase and the infrastructure investment needs of vulnerable regions become more acute in the transition to and beyond net zero.

Contents

... includes ...

• Global GSS+ market volume and growth trends
• Regional market analysis: Europe, Asia-Pacific, North America
• Label breakdown: green, social, sustainability and sustainability-linked bonds
• Emerging themes: adaptation and resilience finance

[Selected by Mike (54) | Summarised by Sonnet 4.6 | Human-directed; AI-powered]

Both 2025 Sustainability Performance Targets referenced by Ahold's inaugural sustainability-linked bond are currently met.

Focal points

• Ahold has three sustainability-linked bonds (SLBs) outstanding; the 2030-maturity bond — issued under Ahold's first financing framework — observed its Sustainability Performance Targets (SPTs) at the end of 2025, with both KPIs achieving their targets.
• Both KPIs in question have shown continuous improvement since the baseline date, reducing the near-term risk of a step-up coupon payment that would otherwise accrue to bondholders.
• AFII notes a residual risk: numeric SPTs could theoretically deteriorate before the formal observation date, meaning current achievement does not fully eliminate coupon step-up risk.

Contents

... includes ...

• Overview of Ahold's SLB structure and outstanding issuances
• SPT observation timeline and KPI performance status
• Assessment of step-up risk for the 2030-maturity bond
• Implications for SLB market credibility and investor positioning

[Selected by Mike (54) | Summarised by Sonnet 4.6 | Human-directed; AI-powered]

Focal points

• Active stewardship is positioned as a structural necessity at a time of heightened systemic risk — including climate change, political volatility and technological disruption — where diversification alone cannot protect investors from value destruction at the portfolio level.
• Sarasin's stewardship practice is characterised by sustained, long-term dialogue with company boards and management on strategy, governance and sustainability, reinforced by post-proxy correspondence to chairs and senior directors setting out expectations for the year ahead.
• Concentrated, long-term ownership is presented as the most effective vehicle for translating stewardship into durable corporate improvement — enabling the depth of engagement that passive or episodic approaches cannot sustain.

Contents

... includes ...

• The case for active stewardship in the current investment environment
• Engagement priorities: governance, sustainability and strategic oversight
• Integration of stewardship into long-term portfolio management
• Evidence and outcomes of sustained ownership engagement

[Selected by Mike (54) | Summarised by Sonnet 4.6 | Human-directed; AI-powered]

"In this episode ...

• We explore the tension at the heart of bond labelling and climate change expectations in the $150 trillion debt market, which grows by six trillion dollars per annum!
• How AFII has evolved and researches the green and sustainability reality of bond issuance
• Why investors should think about the green transition as an outcomes-based process rather than a label-driven category
• Where the European Green Bond Standard fits into this debate
• Hedging climate equity risk with government bonds: the case for sovereign transition linkers

Justine also shares her Transition Tapes playlist - a top house party selection - along with her curated list of favourite books, films and podcasts."

===

Listen:

• via Spotify
• via Apple

"For humanity, governments, and companies to navigate the upcoming wave of AI disruption, all actors will need to play a part. However, within the field of AI governance there is currently little focus on the role that investors can play, but there is an opportunity for this to increase.

To address this gap, the Oxford Martin AI Governance Initiative organised a series of six roundtables with 62 institutional investors alongside 60 interviews. The investors were from 12 countries spanning Europe, North America and Asia. The attendees were predominantly from stewardship teams focused on public equities, as well as some fund managers, and asset owner participants had a view across all asset classes. Consequently, the report is mostly focused on public equities, but the conclusions are still relevant to other asset classes.

The roundtables discussed two questions: what real-world aims and specific actions can investors pursue, and what would help support them in doing so? The report aims to catalyse debate on the role investors can play and identify new initiatives and resources to support this."

Growing Responsibly

... contains ...

• We are Antofagasta
• Governance
• People & Society
• Environment

Report downloads available:

• Integrated Annual Report 2025
• Tax & Economic Contribution Report 2025
• Ore Reserves & Mineral Resources Report 2025

Energising today Advancing tomorrow

... contains ...

• Strategic overview
• Stakeholder engagement
• TCFD
• Sustainability
• Ethics and compliance
• Our people

Published April 2026

Nature credits are market-based instruments designed to create economic incentives for conservation, restoration and sustainable management of natural resources.

In practice, this means that when a company, an organisation or a government buys a credit, the money is used to fund projects that benefit nature.

Includes:

• Why do companies buy nature credits?
• How does Nordea work with nature credits?

Following extensive industry feedback, the European Commission is proposing clarifications to the EU Taxonomy’s Climate Delegated Act to make compliance more practical and consistent across sectors. The draft changes were open for consultation until 14 April, with implementation expected from 1 January 2027.

After two years of elections and policy upheaval, Templeton Global Investments expects 2026 to bring a period of greater stability, as the policy, macro and industry conditions now settle into a clearer framework.

Download perspective via here (published Dec'25)

What vehicle types dominate the US market in 2026?

Light-truck sales dominated for the 13th straight year to close out 202, High auto loan delinquencies in reached a 15-year peak in Q4 but show no signs of widespread credit contraction. More affordable monthly payments could become available to consumers in 2026 as leasing is predicted to recover steadily. 

Crossovers struggled for the first time in over a decade, but light trucks remain a high-profit sector across automakers. With affordability concerns and constrained EV adoption, hybrid vehicle models are gaining ground, which account for over 12% of sales. As for consumers, strong demand for mobility is present. Annual miles driven rose for the fifth consecutive year, signaling opportunities for automakers and investors alike to align strategies with rising demand patterns.  

Download the full report to explore the comprehensive insights leaders in the auto industry are using to prepare for the challenges and opportunities in 2026. 

Asset managers' voting decisions vary substantially by location and firm size.

It’s been a bumpy ride for sustainability-focused investors over the last year or so. 

This year’s proxy season is getting into full swing against the backdrop of continued geopolitical and economic volatility— demanding answers to some tricky questions about what to prioritize in sustainable investing.  

And that’s all coming on top of reduced communication between investors and companies on environmental and social matters, prompted by abrupt changes in the policy landscape. 

The latest Morningstar research paper on asset manager proxy voting takes a close look at how US and European asset managers are voting on sustainability resolutions backed by a significant proportion of independent shareholders.