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 USD

Monthly Commentary – July 2023 USD

Sentiment was strong in July. The theme of disinflation coupled with a soft landing made a comeback during the month. This was partially linked to the lower-than-expected inflation prints that we saw within the US and the UK. This meant that we saw spreads in general tighten, and more so within subordinated financial debt, to the benefit of securities we hold.

Monthly Commentary – July 2023 GBP

Monthly Commentary – July 2023 GBP

Sentiment was strong in July. The theme of disinflation coupled with a soft landing made a comeback during the month. This was partially linked to the lower-than-expected inflation prints that we saw within the US and the UK. This meant that we saw spreads in general tighten, and more so within subordinated financial debt, to the benefit of securities we hold.

Monthly Commentary – July 2023 EUR

Monthly Commentary – July 2023 EUR

Sentiment was strong in July. The theme of disinflation coupled with a soft landing made a comeback during the month. This was partially linked to the lower-than-expected inflation prints that we saw within the US and the UK. This meant that we saw spreads in general tighten, and more so within subordinated financial debt, to the benefit of securities we hold.

  • The Valuation date: December 17, 2024
    serieAsOFDateFKFundNameISINMTDMTDYTDYTDSISI
    120,241,217GAM Sustainable Climate Bond fundIE000BSJBO140.140.00140.06386.38-0.0110-1.10
    220,241,217GAM Star Crdt Ops EUR InvIE00B50JD3540.460.00460.120612.060.669866.98
    320,241,217GAM Star Crdt Ops GBP InvIE00B510J1730.310.00310.100810.080.942494.24
    420,241,217GAM Star Crdt Ops USD InvIE00B57693100.330.00330.101210.120.856985.69
    520,241,217GAM Interest Trend IncIE00BYM4P9130.830.00830.104610.460.392239.22

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