SSA - We use the Worldwide Governance Indicators to inform our views on the Government bond space. The project constructs aggregate indicators of six broad dimensions of governance: voice and accountability; political stability and absence of violence/terrorism; government effectiveness; regulatory quality; rule of law; and control of corruption, all of which we feel are material and measurable. We consider dimension scores in isolation and countries' aggregate scores alongside our traditional analysis of credit ratings, yield, duration and spread levels.
Corporate bonds - we use Sustainalytics information to give us a view of companies' ESG risk areas, performance and management. This information, alongside our fixed income investment analysis (which includes a review of credit ratings, spread levels, subordination, etc.) informs our decision to hold/not hold.