Uploaded February 2026 | Updated September 2026, 2 weeks ago
In this episode, Kate Webber, Chief Solutions & Technology Officer at the PRI, is joined by Malea Figgins, Vice President at TCW, and David Klausner, ESG Specialist at PGIM Public & Private Fixed Income, to examine how responsible investment is applied in securitised debt markets.
Focusing on residential and commercial mortgage-backed securities (RMBS and CMBS), alongside emerging asset classes such as data centres, the discussion draws on insights from the PRI’s Technical guide to Responsible Investment in securitised debt. The guests explore how environmental, social and governance risks are assessed in practice, where data gaps remain, and why securitised assets play a central role in financing the real economy.
Overview:
Securitised debt is a major component of global fixed income markets, representing around US$14 trillion in issuance. By pooling loans such as mortgages, commercial property loans and consumer credit, securitisation channels capital into housing, infrastructure and other real-economy assets.
Despite its scale, securitised debt has often been overlooked in responsible investment discussions. This episode explains why sustainability considerations are fundamental to credit analysis, particularly given exposure to consumers, physical assets and climate risk.
Detailed coverage:
Why securitised debt matters
- Malea and David explain how securitisation connects directly to everyday assets, from homes and cars to commercial buildings. Social risks such as lending practices and affordability, alongside environmental risks including extreme weather and insurance availability, are treated as core credit risks.
Risk versus impact
- David distinguishes between ESG risk (financially material factors affecting credit quality) and impact (how investments affect society and the environment). ESG risks are embedded in bottom-up credit analysis, while impact overlays are applied where mandates require them.
Embedding sustainability in RMBS and CMBS
- Malea highlights how sustainability often aligns with credit fundamentals. In commercial real estate, energy efficiency and green certifications can support income stability. In residential markets, borrower characteristics and affordability remain central.
Case study: data centres and climate risk
- The episode explores the growth of securitised data centre financing. David shares how climate exposure and insurance considerations influenced internal credit assessments, demonstrating how environmental risks can directly affect ratings.
Private markets and data quality
- Private asset-backed finance can enable earlier issuer engagement and improved ESG data collection, with lessons transferable to public markets.
Labelled bonds and greenwashing
- Malea cautions that not all labelled securitised bonds meet high standards. Rigorous due diligence on use-of-proceeds and frameworks remains essential.
Read more in the full technical guide on securitised debt: unpri.org/deep-dive?id=responsible-investment-in-securitised-debt-a-technical-guide
Chapters
00:00 – Introduction to responsible investment in securitised debt
02:40 – What securitised debt is and why it matters for investors
06:10 – Why sustainability risks are core credit risks in securitised markets
10:15 – Risk vs impact: a practical distinction for fixed income
14:20 – Integrating sustainability into RMBS and CMBS analysis
18:45 – Credit fundamentals and sustainability in commercial real estate
23:30 – Case study: data centres, climate risk and insurance coverage
30:10 – Private markets, early engagement and improving sustainability data
36:05 – Labelled securitised bonds and avoiding greenwashing
41:45 – Key takeaways for responsible investors in securitised debt
Disclaimer
This podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied. PRI Association is committed to compliance with all applicable laws. Copyright © PRI Association 2025. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.
In this episode, Kate Webber, Chief Solutions & Technology Officer at the PRI, is joined by Malea Figgins, Vice President at TCW, and David Klausner, ESG Specialist at PGIM Public & Private Fixed Income, to examine how responsible investment is applied in securitised debt markets.
Focusing on residential and commercial mortgage-backed securities (RMBS and CMBS), alongside emerging asset classes such as data centres, the discussion draws on insights from the PRI’s Technical guide to Responsible Investment in securitised debt. The guests explore how environmental, social and governance risks are assessed in practice, where data gaps remain, and why securitised assets play a central role in financing the real economy.
Overview:
Securitised debt is a major component of global fixed income markets, representing around US$14 trillion in issuance. By pooling loans such as mortgages, commercial property loans and consumer credit, securitisation channels capital into housing, infrastructure and other real-economy assets.
Despite its scale, securitised debt has often been overlooked in responsible investment discussions. This episode explains why sustainability considerations are fundamental to credit analysis, particularly given exposure to consumers, physical assets and climate risk.
Detailed coverage:
Why securitised debt matters
- Malea and David explain how securitisation connects directly to everyday assets, from homes and cars to commercial buildings. Social risks such as lending practices and affordability, alongside environmental risks including extreme weather and insurance availability, are treated as core credit risks.
Risk versus impact
- David distinguishes between ESG risk (financially material factors affecting credit quality) and impact (how investments affect society and the environment). ESG risks are embedded in bottom-up credit analysis, while impact overlays are applied where mandates require them.
Embedding sustainability in RMBS and CMBS
- Malea highlights how sustainability often aligns with credit fundamentals. In commercial real estate, energy efficiency and green certifications can support income stability. In residential markets, borrower characteristics and affordability remain central.
Case study: data centres and climate risk
- The episode explores the growth of securitised data centre financing. David shares how climate exposure and insurance considerations influenced internal credit assessments, demonstrating how environmental risks can directly affect ratings.
Private markets and data quality
- Private asset-backed finance can enable earlier issuer engagement and improved ESG data collection, with lessons transferable to public markets.
Labelled bonds and greenwashing
- Malea cautions that not all labelled securitised bonds meet high standards. Rigorous due diligence on use-of-proceeds and frameworks remains essential.
Read more in the full technical guide on securitised debt: unpri.org/deep-dive?id=responsible-investment-in-securitised-debt-a-technical-guide
Chapters
00:00 – Introduction to responsible investment in securitised debt
02:40 – What securitised debt is and why it matters for investors
06:10 – Why sustainability risks are core credit risks in securitised markets
10:15 – Risk vs impact: a practical distinction for fixed income
14:20 – Integrating sustainability into RMBS and CMBS analysis
18:45 – Credit fundamentals and sustainability in commercial real estate
23:30 – Case study: data centres, climate risk and insurance coverage
30:10 – Private markets, early engagement and improving sustainability data
36:05 – Labelled securitised bonds and avoiding greenwashing
41:45 – Key takeaways for responsible investors in securitised debt
Disclaimer
This podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied. PRI Association is committed to compliance with all applicable laws. Copyright © PRI Association 2025. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.
