Hermes: ESG risk correlates with CDS

There is a “convincing relationship” between risk coming from poor application of environmental, social and governance (ESG) policies, and the credit default swap (CDS) spreads of corporate issuers, according to a new report by Hermes Investment Management.

  • By Costas Mourselas
  • 08 Oct 2018
The findings, a follow-up to a report last year, indicate that fewer ESG-friendly companies are more costly to insure using CDS contracts. The report said the results still held when controlling for credit risk reflected by credit ratings. The report was spearheaded by Mitch Reznick, co-head of Hermes ...

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