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Afsaneh Mastouri

Afsaneh Mastouri

Executive Director, MSCI Research

Afsaneh Mastouri is MSCI's global head of fixed-income solutions. She and her team conduct research on global fixed-income markets and help clients solve their investment challenges using index strategies and systematic and factor solutions. Before joining MSCI, Afsaneh served as a senior interest-rate strategist with Crédit Agricole and Royal Bank of Scotland. She holds a master’s degree in finance from the London Business School.

Research and Insights

Articles by Afsaneh Mastouri

    Investment Trends in Focus: Quarterly Roundtable Q1 2024

    Podcast | Jan 18, 2024 | Oliver Marchand, Raina Oberoi, Afsaneh Mastouri, Ashley Lester

    Ashley Lester and team help investors find the connections between — and evaluate the risks and potential opportunities of — AI, geopolitics and the effects of climate change, as well as the growing importance of private capital and continued influence of monetary policy.

    MSCI MarketAxess Tradable Corporate Bond Indexes: A Peek Under the Hood

    Research Report | Nov 22, 2023 | Rohit Mendiratta, Ray Wang, Afsaneh Mastouri

    We look deep into these indexes to determine what’s led to their showing characteristics, such as duration, spread and yield, similar to those of the parent index, as well as similar risk-adjusted performance.

    How Have Tradable-Bond Indexes Helped Investors Position in the Credit Market?

    Research Report | Oct 25, 2023 | Afsaneh Mastouri

    Tradable-bond indexes consist of the most liquid subset of corporate bonds. Maintaining sector and credit-bucket allocations consistent with the underlying benchmark, these indexes may help investors track the market while positioning in more-liquid securities.

    Net-Zero Glidepaths for Fixed-Income Portfolios

    Research Report | Sep 12, 2023 | Afsaneh Mastouri, Juan Sampieri

    A bond portfolio generates cash flows over time that include coupon payments and the face value of matured bonds, assuming no defaults. With controlled and systematic reinvestment of this cash flow, investors can gradually decarbonize their portfolios on a glidepath.

    Understanding MSCI Climate Corporate Bond Indexes

    Research Report | Jun 23, 2023 | Rohit Mendiratta, Afsaneh Mastouri

    We offer a comprehensive guide for investors to illustrate how a complex set of financial and climate targets and climate investment objectives can be simultaneously integrated into the construction of indexes as well as portfolios.

    How Sovereigns Have Changed the Green-Bond Market

    6 mins read Blog | Apr 19, 2023 | Afsaneh Mastouri, Bhaveer Shah, Vishakha Pandey

    Green bonds’ issuance by governments has increased significantly and changed the green-bond universe and its indexes. Investors have had to adjust accordingly.   

    Corporate Bonds and Climate Change Risk

    Research Report | Feb 22, 2023 | Afsaneh Mastouri, Rohit Mendiratta, Guido Giese

    In this paper, we highlight to investors and portfolio managers the significance of climate-change risk for the value of corporate bonds, as well as provide a framework for further research in this area.

    Net-Zero Alignment for Multi-Asset-Class Portfolios

    7 mins read Blog | Sep 19, 2022 | Ashish Lodh, Guido Giese, Afsaneh Mastouri

    Asset owners who want to keep global warming below 1.5 degrees Celsius (1.5°C) have a tough row to hoe.

    How Did Climate Corporate-Bond Indexes Weather Market Volatility?

    7 mins read Blog | Aug 31, 2022 | Afsaneh Mastouri

    Climate indexes tend to have a lower weighting (relative to parent indexes) allocated to companies in the emission-intensive energy, utilities and materials sectors. Did these indexes underperform in the year to date, given high recent energy prices?

    Low Carbon and High Liquidity for Bond Investors?

    7 mins read Blog | May 4, 2022 | Afsaneh Mastouri

    As corporate-bond investors embrace decarbonization as a goal in portfolio construction and management and benchmark selection, the question arises whether decarbonization targets are at odds with other desirable index attributes, such as liquidity.

    Managing Climate-Transition Risk in Credit Portfolios

    6 mins read Blog | Jan 31, 2022 | Afsaneh Mastouri

    Can managers take an active approach to systematically managing exposure of a corporate-bond portfolio to climate-transition risk? We investigate two different approaches to decarbonizing credit portfolios.