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Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

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Featured Pathways

More pathways

Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

More pathways

Book a demo

Pricing

Ready to get started?

Plans & Membership

Our Platform

Expert led content

+1,000 expert presented, on-demand video modules

Learning analytics

Keep track of learning progress with our comprehensive data

Interactive learning

Engage with our video hotspots and knowledge check-ins

Testing & certification

Gain CPD / CPE credits and professional certification

Managed learning

Build, scale and manage your organisation’s learning

Integrations

Connect Finance Unlocked to your current platform

Featured Content

More featured content

Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

More featured content

Book a demo

Pricing

Ready to get started?

Book a demo

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Bondholder Engagement

Bondholder Engagement

Alex Struc

20 years: Asset management

In this video, we will focus on engagement, one of the most crucial and underutilised property of capital and will examine the segment of the market least known for its voting abilities, but one that leads to the most asymmetric outcomes when engagement is done well – fixed income

In this video, we will focus on engagement, one of the most crucial and underutilised property of capital and will examine the segment of the market least known for its voting abilities, but one that leads to the most asymmetric outcomes when engagement is done well – fixed income

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Bondholder Engagement

11 mins 4 secs

Key learning objectives:

  • What are the objectives of stakeholder engagement

  • Be able to examine the segment of the market least known for its voting abilities

Overview:

Bondholder engagement is the most significant and most asymmetrically priced opportunity hidden in plain sight. It can help improve the decision-making abilities related to an investment and has a multiplier effect in unlocking new opportunities and positioning capital for sustainable development across geographies. In this video, we will focus on engagement, one of the most crucial and underutilised property of capital and will examine the segment of the market least known for its voting abilities, but one that leads to the most asymmetric outcomes when engagement is done well – fixed income.

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Summary

Objectives of stakeholder engagement

The fundamental purpose of any engagement, irrespective of an asset class or the size of holdings, is to influence change.  The reasons for needing the change itself can vary and typically fall into one of the three categories: 

  1. To bolster returns
  2. To improve transparency
  3. To achieve or control a non-financial outcome arising from or related to the company’s value chain

Equity holder engagement

Shareholders can vote because they are de-facto the owners of the business. In theory, they have a say in many aspects of strategy and its execution, including assessing the fitness of the company board and the adequacy of management’s skill.  In practice, the likelihood of achieving the desired outcome varies greatly because complex shareholder proposals can often hit roadblocks and lead to many years of difficult negotiations and lobbying.  

Bondholder engagement

It is a common misconception that, unlike shareholders, bondholders cannot participate in the company’s strategic developments because they do not explicitly have voting rights. Companies borrow in public or private markets more frequently than they raise equity capital.  Pre-issuance engagement in bonds bears a much higher intensity than most shareholder meetings because a successful funding depends on a quick turnaround and the management’s willingness to collaborate.  

 

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Alex Struc

Alex Struc

Alex is a fixed income investor with deep credit expertise. His work on liquid impact investing, deep expertise in financial markets, and a strong belief in the power of scalable frameworks to outperform and foster positive change drove him to found GOALSFIRST with a single vision of unlocking the full value of finance for change. Prior to founding GOALSFIRST, Alex managed credit assets for PIMCO for nearly fifteen years, including the firmwide exposure to financials and the world largest bank capital fund. In 2014 he was named FN’s 40 under 40 asset managers for his work in this sector. In his earlier years, he built the firm’s European bank loan business and positioned PIMCO as a liquidity provider in that space by introducing relative value trading to this seemingly illiquid asset class.

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