Over the last few years, sustainable debt financing – a previously niche market - has experienced remarkable growth. Along the way, there has also been a rapid expansion in the objectives and definitions of sustainable financing instruments.
What are Second-Party Opinions?
Second-Party Opinions (SPOs) are part of MSCI’s suite of sustainable corporate financing solutions. SPOs are meant to inform investors whether the financing framework or transaction being assessed aligns with both industry standards (ICMA Green Bond Principles, ICMA Social Bond Principles, Sustainability Bond Guidelines, LMA Green Loan Principles or LMA Social Loan Principles, as needed) and the relevant MSCI ESG Research methodology. They are not designed to verify or certify the use of proceeds for a specific transaction.
MSCI ESG Research offers Second-Party Opinions for:
- Green Bonds and Loans
- Social Bonds and Loans
- Sustainability Bonds and Loans
Why Second-Party Opinions from MSCI ESG Research:
With over 2,650 clients worldwide, MSCI ESG Research is the largest provider of ESG data and analytics. Public and private companies around the world turn to us for market leading ESG & climate tools and solutions.
MSCI ESG Research has been assessing green debt since the launch of the Barclays MSCI Green Bond Indices (now known as Bloomberg MSCI Green Bond Indices) in 2014.
In addition to assessing alignment with the relevant ICMA or LMA standards, MSCI ESG Research SPOs will include an assessment of whether the subject framework or transaction is aligned with the MSCI Labeled Bond and Loan Assessment Methodology (PDF, 267 KB) (opens in a new tab).
This dual assessment is meant to assist both issuers and investors understand the level of alignment that each framework or transaction has with industry and MSCI’s standards.