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KfW Bankengruppe

PRI reporting framework 2018

You are in Direct - Fixed Income » Outputs and outcomes

Outputs and outcomes

FI 18. Financial/ESG performance

18.1. Indicate whether your organisation measures how your incorporation of ESG analysis in fixed income has affected investment outcomes and/or ESG performance.

Select all that apply
SSA
Corporate (financial)
Corporate (non-financial)
Securitised
We measure whether incorporating ESG impacts funds' reputation
We measure whether incorporating ESG impacts financial returns
We measure whether incorporating ESG impacts risk
We measure whether incorporating ESG impacts funds' ESG performance
None of the above

18.2. Describe how your organisation measures how your incorporation of ESG analysis in fixed income has affected investment outcomes and/or ESG performance. [OPTIONAL]

Liquidity portfolio: Per year-end 2017, 7 issuers with an aggregated bond limit volume of EUR 573 million were excluded from our investment universe because their sustainability score was below our internal eligibility threshold. Besides, we decided to “overrule” Sustainalytics’ assessment of 4 issuers as of end of 2017 meaning that based on our own qualitative analysis, we decided to include these 4 issuers in our eligible investment universe although their ESG score was below our internal eligibility threshold.

One of our exclusion criteria applies to an issuer with an equity participation in company involved in nuclear weapons. 

Green Bond portfolio: KfW has refrained from buying a Green Bond that did not meet its minimum criteria, in particular due to a lack of transparency regarding the use of proceeds and high reputation risk.

 

18.3. Additional information.[OPTIONAL]


FI 19. Examples - ESG incorporation or engagement

19.1. Provide examples of how your incorporation of ESG analysis and/or your engagement of issuers has affected your fixed income investment outcomes during the reporting year.

19.2. Additional information.


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