Climate Bonds Initiative (CBI) identifies bonds from Visa, Con Edison, and others that identify as "green" but fail to meet the initiative's standards.
The $1.1 trillion money manager leans in to duration and higher ratings in credit, indicating a belief that interest rates won't rise substantially anytime soon.
"You entered the pandemic with dozens of U.S. high-grade companies carrying around $1 trillion of debt in aggregate, pledging to pay down debt or grow their way into lower leverage." That's going to be hard in this economy.
Analysts are trying to determine which companies will issue euro-denominated bonds, which tends to reduce leverage and risk premiums on the company's U.S. bonds.