Monthly Commentary – March 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.

Monthly Commentary – March 2023 Climate Bond

Monthly Commentary – October 2022 Climate Bond

Market sentiment improved in October, following very weak markets in August and September. In the EUR investment grade (IG) market, spreads were only marginally tighter on month (4 bps tighter to 221 bps) while subordinated debt outperformed sharply with IG-rated EUR Tier 2s around 25 bps tighter and EUR additional tier 1 contingent convertible bonds (AT1 CoCos) spreads close to 80 bps tighter.

  • The Valuation date: November 15, 2024
    serieAsOFDateFKFund NameISINMTDYTDSIMTDYTDSI
    120,241,115GAM Sustainable Climate Bond fundIE000BSJBO140.00860.0543-0.01980.865.43-1.98
    220,241,115GAM Star Crdt Ops EUR InvIE00B50JD3540.00720.11080.65520.7211.0865.52
    320,241,115GAM Star Crdt Ops GBP InvIE00B510J1730.00520.09330.92910.529.3392.91
    420,241,115GAM Star Crdt Ops USD InvIE00B57693100.00170.09280.84260.179.2884.26
    520,241,115GAM Interest Trend IncIE00BYM4P9130.00450.09410.37900.459.4137.90

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