A Sweden-based climate think-tank dubbed the Anthropocene Fixed Income Institute recently revealed that bonds linked to Saudi Arabia’s state oil giant Aramco had ended up in ESG-friendly funds.
by Bloomberg, the story detailed how two consortia, led by EIG Global Energy Partners and BlackRock, respectively, bought 49% stakes in Aramco’s newly spun-off subsidiaries, Aramco Oil Pipelines Company and Aramco Gas Pipelines Company.
These bonds, whose issuers did not advertise the purpose of issuing them, got an above-average ESG score, Bloomberg explains, on a JP Morgan sustainability measuring index.The problem appears to be that investors who bought any of these bonds may have believed they are buying debt linked to sustainable business projects rather than an Aramco oil pipeline company due to the ESG rating of the funds issuing them.
Yet, as detailed in its own report, it was BlackRock and EIG Global Energy Partners that decided to buy sizable stakes in the Aramco subsidiaries. It was these two that set up the two special-purpose investment vehicles and issued the bonds that got the high ESG rating. Aramco simply got the money it was due as the seller of the stakes.
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