Isabella Laurent

When I structure a green bond or a sustainability-linked loan, I start with the issuer's balance sheet depth and the secondary market appetite for that specific ESG label. A bond that ticks every disclosure box but sits in a shallow pool of buyers is a liability, not a signal. The real discipline is matching the tenor and covenant structure to the investor base that will hold through volatility, not just the one that applauds the framework. Capital allocation in this space demands the same rigour as any fixed-income desk: know your duration, know your convexity, and never confuse a label with a risk premium.