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Presented by CFA Institute and Fitch Ratings

Webinar Presentation: ESG in Fixed Income

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The remarkable growth of interest in ESG investing has created a demand for ESG products and services that cater to the needs of asset owners and investment managers. Although initially the focus was on equities, the much bigger fixed income market has also attracted an increased interest of ESG investors. It covers a broad range of products: financial and non-financial corporate bonds, public finance, project finance, and structured debt. Asset owners are the main drivers behind this change. They started implementing responsible investment practices, such as screening for ESG factors, in their fixed income portfolios at the beginning of this century. As a knock-on effect of this process, early and late adopters have started exploring advantages of ESG investing in risk management and in attracting and retaining clients.

This CFA Institute webinar inaugurates a series of talks on ESG in credit. In the first webinar, we address the following questions:

  • How does ESG affect credit risk and how is this reflected in credit ratings?
  • How do fixed income investors integrate ESG?


  • Mervyn Tang, CFA, Global HEad of Fitch Ratings ESG Research
  • Mary Leung, CFA, Head, Advocacy Asia-Pacific, CFA Institute

Watch the Webinar

Duration: 1 hr 4 min.

Recorded: 4 August 2020.

Webinar Series: ESG in Credit:


Mervyn Tang
Mervyn Tang CFA

Mervyn Tang is a Senior Director and Global Head of ESG Research in Fitch Ratings’ Sustainable Finance division, based in Hong Kong. Mervyn oversees a global research team of 5 which primarily focus on thematic and cross sector ESG research. Mervyn re-joined Fitch Ratings in March 2019 from MSCI Inc., where he was Head of Fixed Income in their ESG Research department, based in Hong Kong. Mervyn has worked with fixed income investors globally supporting them on integrating ESG into their investment process. Prior to joining MSCI in 2017, Mervyn was a Director in Fitch’s Sovereign Group, with the Asia-Pacific team. Mervyn has also worked as an international economist at the Bank of England in London, a diplomat at the British Embassy in Washington DC, and an equities analyst at Citigroup. Mervyn earned an MSc in Economics with distinction from Birkbeck College, University of London, and a BA in Economics and Management from Oxford University. He is a CFA Charterholder.

Mary Leung
Mary Leung CFA

Mary is the Head, Advocacy, Asia Pacific at CFA Institute. She leads the team that is responsible for building market integrity in APAC by developing and advocating capital markets policy positions that raises investor protection and fosters sustainable industry growth. She also oversees the promotion and development of Asia-Pacific Research Exchange (ARX), a research hub through which we engage with societies, members, governments, regulators, academia and other industry stakeholders 6o advance the wider CFA Institute mission.

Mary has over 20 years of experience in the global financial industry, having worked in corporate finance, wealth management advisory, and fund management. She joined Coutts & Co, where she was director of Business Development and Management for North Asia. Prior to that she was executive director at UBS AG, where she led the Corporate Advisory Group in Hong Kong. With experience in both the buy- and sell-sides, Mary has a strong understanding of the drivers and dynamics of different investor groups, including institutional investors, corporates, family offices, asset owners, and high-net-worth individuals.

Mary graduated from Peterhouse, Cambridge with a degree in Engineering. She is a CFA charterholder and speaks English, Putonghua, and Cantonese.