Alle drei Ratingagenturen (S&P, Moody‘s und Fitch) stufen MDB-Anleihen aus mehreren Gründen mit AAA ein. Das robuste Kreditprofil von MDBs wird gewöhnlich mit der sehr guten Kapitalunterlegung, einem robusten Risikomanagement und hohen Liquiditätspuffern begründet. MDBs besitzen einen Status als «bevorrechtigte Gläubiger», der ihnen bei Zins- und Tilgungszahlungen Vorrang gegenüber anderen Gläubigern einräumt. Ein weiterer wichtiger Aspekt ist das bei den Mitgliedern (Industrieländern) abrufbare Kapital, das etwa im Falle der IBRD zum Zeitpunkt der Erstellung dieses Artikels bei 107%1 des ausstehenden Anleihenvolumens lag.

Die Anlagegründe liegen auf der Hand – die wie bei Staatsanleihen mit AAA eingestufte Bonität sowie die höhere Rendite im Vergleich zu US-Treasuries und die positive soziale Wirkung. Einen Teil der Allokation in Staatsanleihen innerhalb des Portfolios in MDB-Anleihen umzuschichten, wäre in jedem nachhaltigkeitsorientierten Anlageprozess ein logischer Schritt.

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