September 26, 2016

Standish Mellon Asset Management

Specialist multi-asset investment management firm

Standish Sovereign ESG Model

We at Standish developed a proprietary Environmental, Social and Governance (ESG) rating model for sovereign issuers, which allows us to quantify the ESG risk profile of Sovereign issuers and incorporate this information into our assessment of overall credit risk.

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More from Standish Mellon Asset Management

Fed Thoughts: Zombie Apocalypse

Hunkered in the basement, doors and windows boarded, the sound of their shuffling feet scrapes the floorboards above. Soulless, mindless, rigid in their movements, and relentless in their drive, they move forward, creating an enveloping sense of ...

Apr 27, 2018

Munis in a Rising Rate Cycle

As Interest Rates Rise, Muni Bonds Offer a Unique Opportunity To Investors The Federal Reserve (the Fed) is expected to raise short-term interest rates several more times this year. As the Fed tightens monetary policy, investor concerns about their ...

Apr 25, 2018

Field Notes: Observing the International Bureaucrat

Evolution has made international bureaucrats more skittish over time, as practiced as they have become in avoiding the opprobrium after crisis. They have had many crises to manage, or was it that they managed to have many crises? Part of their ...

Apr 24, 2018

Pass the Popcorn, Mr. President

The drama President Donald Trump has generated from his Oval office stage is almost without precedent in living memory. Still, the US model of the political economy has held up well thus far. No matter how heated the rhetoric or flaming the tweets, ...

Apr 17, 2018

Global Macro Views

Running an economy with a market system or governing a country with checks and balances is hard to top as a principle of design. Prompted by action (and threat of more) on trade sanctions by President Trump, apparent worries about the global trading ...

Apr 04, 2018

The Municipal Market and Climate Change

The effects of climate change will continue to have broad implications for the nation’s economy, institutions and infrastructure. In 2017 alone, three major hurricanes (Harvey, Irma and Maria) struck the US and its territories, and destructive ...

Mar 28, 2018

European Macro Strategy: An ECB Update

I participated in several one-on-one meetings with advisors to the European Central Bank’s (ECB) Governing Council (GC) and attended the "ECB and Its Watchers" conference where keynote speaker, ECB President Mario Draghi, provided insight on the ...

Mar 23, 2018

Impact of Political Willingness on Municipal Credit Quality

Over the past several years, a number of rating actions have affected state and local credits. The most frequently cited reasons for negative rating actions include depressed economies, poorly funded pension systems and fiscal stress caused by ...

Mar 21, 2018

Fed Thoughts: Back to the Future?

One month into the job, Federal Reserve (Fed) Chair Jerome Powell must be wondering what more is in store. Stock market correction, check, bipartisan (actually, partisan from both sides of the aisle) interrogation on Capitol Hill, check, and policy ...

Mar 20, 2018

Bond Market Observations: Groundhog Day

The monthly formal review of portfolio strategy by the Active Fixed Income Investment Committee typically kicks off the first Friday of the month, as the release of the US employment situation sometimes materially influences our economic outlook. ...

Feb 23, 2018

Fed Thoughts: Welcome to the Job, Jay

This week makes interesting on-the-job training for Federal Reserve Chair Jay Powell. On cracking open the crisis-management handbook, he will read that the first rule is that a significant asset price move reveals something about someone’s balance ...

Feb 08, 2018

Bond Market Observations: Déjà vu, All Over Again

The late, great Yogi Berra was right, and we have been here before. Global economic growth is running above its longer-term trend, inflation in advanced economies is poised to rise, and the Federal Reserve will travel further up the firming path than ...

Jan 26, 2018

Fed Thoughts: Interregnum

We almost forgot that the Federal Open Market Committee meets on January 30th-31st. That is understandable, as the chance of any significant news from the Federal Reserve at the conclusion of the meeting is remote. According to the latest federal ...

Jan 25, 2018

The Impact of Tax Reform on the Investment Grade Credit Market

In December, President Trump and Republican members of Congress passed the most significant changes to the US tax system since the Reagan administration in 1986. While the changes are extensive and widespread, there are four key provisions that are ...

Jan 10, 2018

The Impact of Tax Reform on the Municipal Bond Market in 2018

On December 20th President Trump signed legislation passed by both houses of Congress enacting the most sweeping changes in the tax code in thirty years. Individual tax rates were lowered marginally with the top rate remaining high at 37%. The state ...

Jan 05, 2018

Bond Market Observations: Jingle, Jingle, Jingle

Holly was already strewn about the breakroom by the time the Investment Committee met, but that was not the source of the relative good cheer. Across advanced economies, recent data on activity has been upbeat, consumers come across as confident, and ...

Dec 22, 2017

Global Macro Views

"Sur-prise, sur-prise, sur-prise" is what we learned from the incoming data for advanced economies over the past quarter. Unfortunately, only Jim Nabors, who died a few weeks ago, could deliver that message with the correct intonation. In his memory, ...

Dec 15, 2017

Fed Thoughts: Song of the Thin Man

The news that President Trump picked a thoroughly conventional candidate to head the Federal Reserve next year was reassuring. Our initial reaction was that Fed-chair-to-be Powell not only looks the part of a central banker, but also showed financial ...

Dec 07, 2017

Collateral Consequences, Capital Flows, and Commodity Prices

The trip to the extreme lower bound of nominal policy interest rates and experiments with other unconventional policies by the major central banks was designed to help at home. The collapse of asset prices, the locking shut of intermediation, and ...

Nov 27, 2017

Bond Market Observations: Pilgrims' Progress?

A seasonal mystery unfolds once again. Here in Boston, it is cold, wet, and mostly dark. Winter is coming. What made the Pilgrims stop here in 1620, rather than settle, say, Tucson or Palm Springs? Why do 670,000 of us still live here when Fort ...

Nov 27, 2017

Investment Grade Credit Insights: Carry On

Market Focus: Credit spreads rallied in October due to a combination of improving economic data, low inflation and the prospect of US corporate tax reform. Economic data came in much stronger than expected in October. The Citi Surprise Index which ...

Nov 09, 2017

What Proposed Tax Reform May Mean For Municipal Bond Investors

Since Republicans won control of both houses of Congress and the White House in last fall’s elections, investors have been anticipating the first major changes to the nation’s tax code in 30 years. The wait has ended with the recent release of the ...

Nov 08, 2017

Fed Thoughts: Running Out The Clock

The next chairman of the Federal Reserve (whomever that is) will have a lot on his plate, including bringing the policy rate toward a more normal level (whatever that is), continuing to shrink the Fed’s balance sheet for some time (whenever that ...

Oct 27, 2017

Bond Market Observations: The Music of the Moment

NSYNC is not just a boy-band of the 2000s, but it is also the mood right now among an entirely different demographic, economic policymakers around the world. At the just-completed annual meetings of the International Monetary Fund (IMF) and World ...

Oct 26, 2017

LDI-A Statistical and Qualitative Review of Q3 2017 & Investment Outlook

Key Q3 Takeaways: Global growth is rebounding in a nearly synchronized manner across economies. Central banks are beginning to pull back on the monetary stimulus that has propped markets since the financial crisis. Tax reform emerged as the ...

Oct 17, 2017

Non-US Equity Markets in July: A Closer Look at Shifting Regional Dynamics

Sponsored By Diamond Hill

Global markets showed a mixed picture in July. From Taiwan's tech-led strength to Europe's patchy performance and Latin America's headwinds, our commentary explores the shifting dynamics shaping non-US equities. (3 min read)

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