{"id":46226,"date":"2022-05-29T21:24:14","date_gmt":"2022-05-30T01:24:14","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/how-to-analyze-create-and-risk-manage-esg-linked-structured-products\/"},"modified":"2026-01-06T15:15:30","modified_gmt":"2026-01-06T20:15:30","slug":"how-to-analyze-create-and-risk-manage-esg-linked-structured-products","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/how-to-analyze-create-and-risk-manage-esg-linked-structured-products\/","title":{"rendered":"How to analyze, create, and risk-manage ESG-linked structured products"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69fccdae99dd0]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-69fccdae99dd0'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/risk\/\" rel=\"category tag\">\n                    Risk\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/sustainable-finance\/\" rel=\"category tag\">\n                    Sustainable Finance\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">How to analyze, create, and risk-manage ESG-linked structured products<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69fccdaea0040'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">May 29, 2022<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fccdaea22d8'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i>This article was written by Nitin Ananda, Global Product Manager for Structured Products at Bloomberg.<\/i><\/p>\n<p>Environmental, social and governance (ESG)-linked structured products issuance has surged in recent years, going from zero to around $10-15 billion, partly driven by investors looking to customize their exposure to ESG factors. This sharp increase reflects a wider trend: there were over $35 trillion ESG assets under administration in 2020, a number estimated by Bloomberg Intelligence to exceed $50 trillion by 2025.<\/p>\n<p>While none would doubt that ESG going mainstream is great for the planet, an overarching anxiety hangs over this period of dizzying growth. ESG investments, be they structured products or more vanilla instruments, are only as sound as the data that feeds them. Without reliable and comparable data sets, investors are sailing blind, vulnerable to greenwashing and dependent on divergent standards and anecdotal evidence to orientate their investments. Fund managers may also struggle to explain why they have taken certain decisions from an ESG perspective, which can lead to investor criticism.<\/p>\n<p>Many jurisdictions are already making concerted efforts to improve data quality, consistency and availability. In the EU, for example, regulations such as the Sustainable Finance Disclosures Regulation (SFDR), the Corporate Sustainability Reporting Directive (CSRD), and the EU Taxonomy tighten disclosure requirements and help standardize definitions of what constitutes green. Other areas of the globe, like APAC, are working on their own taxonomies. Until there is more clarity on what constitutes green finance, ESG-focused investors will still have to contend with greenwashing complications.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Manage sustainability-related risks and opportunities<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Learn more<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_4369950684871410259\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/solutions\/sustainable-finance\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>ESG considerations aside, investors also face the usual difficulty that accompanies structured products: firms that lack the appropriate analytic tools to price structured products satisfactorily may struggle to fit them into a portfolio. Moreover, in the post-trade space, non-tier one, sell-side market makers have typically struggled to build effective risk management tools. Most vendor solutions contain significant gaps and building a system internally can often take years and be prohibitively expensive.<\/p>\n<h2>Data availability and quality: Positive evolution<\/h2>\n<p>Thankfully for ESG-focused investors, financial markets are in a green data revolution, spearheaded by companies such as Bloomberg, which has made transparent ESG data a priority for over a decade.<\/p>\n<p>Bloomberg provides ESG data for almost 12,000 firms and over 410,000 securities in more than 100 countries with more than 15 years of historical data. Bloomberg\u2019s ESG data can be consumed on the Terminal through the same screens and tools that investors use every day, creating a streamlined workflow to better incorporate ESG considerations. For example, some of the Terminal\u2019s popular tools for equity screening, like EQS, now have customized ESG searches to filter companies based on their score.<\/p>\n<p>In addition to company-reported, proprietary and third-party data, Bloomberg\u2019s <a href=\"https:\/\/www.bloomberg.com\/professional\/solutions\/sustainable-finance\/\">sustainable finance offering<\/a> includes carbon estimates, scores, indices, research and news to help investment companies and corporations better evaluate their assets under management, capital allocation, lending and reporting on sustainability disclosure requirements and performance.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"481\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/ESG-FFM1.png\" class=\"bbg-single-image__image attachment-large\" alt=\"Screenshot of ESG functionality on the Terminal\" title=\"\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/ESG-FFM1.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/ESG-FFM1.png 100w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/ESG-FFM1.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/ESG-FFM1.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/ESG-FFM1.png 857w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n                <figcaption class=\"bbg-single-image__caption\" style=\"text-align: left\">\n                A look at Bloomberg\u2019s ESG data for BP Plc.\n        <\/figcaption>\n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Pre-trade analytics and structured products creation<\/h2>\n<p>Once investors have pinpointed their ESG interest areas using reliable data, the next step is to run the appropriate pre-trade analytics to capture the full range of market risks. This can be accomplished via Bloomberg\u2019s Derivatives Library (DLIB) platform, which handles valuations, back testing, and Monte Carlo projections, as well as other functions.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_2\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">ESG structured products rise to meet investor demand<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Read the article<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_171688730449344355\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/esg-structured-products-rise-to-meet-investor-demand\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Since Bloomberg data is available over API and Excel, investors can combine ESG data with other variables on DLIB to gain a broader understanding of a given company\u2019s ESG profile and create powerful pre-trade and post-trade tools. For example, Bloomberg\u2019s Governance scores look at Board Composition and Executive Compensation for over 4,500 companies \u2013 two factors that can have a material impact on a company\u2019s performance. Investors can integrate these Governance scores into structured notes analytics.<\/p>\n<p>Investors could also start with the S&amp;P Index and filter companies based on benchmark scores or ESG indicators. They could then use the smaller subset of filtered underlyings in DLIB\u2019s Excel Autocallable basket optimizer tool to find the best combination of companies that match their appetite for high coupon or reduce downside risk.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"624\" height=\"376\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Autocallable-DLIB.png\" class=\"bbg-single-image__image attachment-large\" alt=\"Autocall barrier DLIB\" title=\"Autocallable-DLIB\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Autocallable-DLIB.png 624w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Autocallable-DLIB.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Autocallable-DLIB.png 100w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Autocallable-DLIB.png 600w\" sizes=\"auto, (max-width: 624px) 100vw, 624px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Post-trade analytics<\/h2>\n<p>Investors may also wish to obtain and aggregate individual ESG factors to assess their portfolio performance with respect to their own ESG metrics. This final step in the ESG-linked structured products journey can be especially daunting for firms without the appropriate suite of post-trade analytic tools.<\/p>\n<p>On this front, <a href=\"https:\/\/www.bloomberg.com\/professional\/products\/risk\/mars\/\">Bloomberg\u2019s Multi-Asset Risk System (MARS)<\/a> enables portfolio managers to understand the net exposure of ESG factors on their portfolio, and monitor the value of their portfolios on demand with live real-time data, analyze their term-structure risk and investment decisions, and perform intraday lifecycle and cash flow management. All on a single and integrated platform.<\/p>\n<p>As the ESG revolution continues to gather momentum, structured products investors need three components to stay on top of the wave: good data, good pre-trade analytics and good post-trade analytics. Bloomberg helps firms not only to manage these new imperatives, but also to integrate sustainable finance considerations into their strategic decision making with its unique and comprehensive suite of <a href=\"https:\/\/www.bloomberg.com\/professional\/products\/data\/enterprise-catalog\/sustainable-finance\/\">Sustainable Finance data<\/a> and <a href=\"https:\/\/www.bloomberg.com\/professional\/solutions\/sustainable-finance\/\">ESG solutions<\/a>.<\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69fccdaeaf1dc]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-69fccdaeaf1dc'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    window.feed['69fccdaeb1a50'] = 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