Monthly Commentary – August 2023 Climate Bond

Monthly Commentary – August 2023 Climate Bond

Sentiment was somewhat weaker in August, with spreads on EUR investment grade (IG) corporates 8 bps wider on the month to 155 bps. Rates volatility weighed on IG spreads, as the 10-year German bund yield peaked at 2.71% in mid-August and then ended the month lower at 2.47%. Inflation and central banks remain in focus – as inflation continues to slow but remains too high for central banks.

Monthly Commentary – August 2023 Climate Bond

Monthly Commentary – March 2023 Climate Bond

Sentiment was particularly weak in March driven by fears around the banking sector in Europe and the US. Spreads on EUR investment grade (IG) widened by more than 20 bps to 170 bps after peaking at circa 200 bps during the month. Rates rallied on a combination of more dovish (at least as interpreted by the market) rhetoric from central banks as well as risk-off seen in markets.

  • The Valuation date: October 7, 2024
    serieAsOFDateFKFund NameISINMTDYTDSIMTDYTDSI
    120,241,002GAM Sustainable Climate Bond fundIE000BSJBO140.00130.0506-0.02320.135.06-2.32
    220,241,002GAM Star Crdt Ops EUR InvIE00B50JD3540.00100.10460.64600.1010.4664.60
    320,241,002GAM Star Crdt Ops GBP InvIE00B510J173-0.00010.08950.9224-522.538.9592.24
    420,241,002GAM Star Crdt Ops USD InvIE00B57693100.00060.09840.85200.069.8485.20
    520,241,002GAM Interest Trend IncIE00BYM4P9130.00030.09690.38260.039.6938.26

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