Bond Buyer ESG Week continues

As we continue ESG Week, the offerings today include a podcast and two articles. Make sure to register for our live Leaders event on Thursday at 11 a.m., Eastern time. Check back to our ESG special section and homepage and often so you don't miss anything.

Environmental, social and governance (ESG) investing is driving conversation and questions in the public finance industry. Municipal bond asset managers are seeking more data from issuers on ESG, yet no agreed-upon set of standards exists, complicating the industry’s relationship with the growing sector. In this article Lynne Funk and Jessica Lerner explore the buy-side’s role in promoting the growth of ESG in the municipal space.

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Chicago has taken notice, Yvette Shields reports. The city will debut its first ESG-related label on a portion of its next general obligation bond sale tied to funding for the $1.2 billion Chicago Recovery Plan as it looks to meet a market increasingly concerned about environmental, social and governance issues.

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In this podcast, Barry Fick, executive director of the Minnesota Higher Education Facilities Authority, tells Bond Buyer infrastructure reporter Caitlin Devitt about a recent $131 million bond issue by the University of St. Thomas, located in urban St. Paul. The deal was sold in two pieces, one with green certification.

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Detroit received clearance to operate independent of direct state oversight for a fifth year as it considers asking the federal bankruptcy court to intervene in pension fund actions that will add to its fiscal strains when contributions resume in 2024.

Municipals were steady to weaker in spots as the primary market picked up, while U.S. Treasuries were a little better and equities sold off.