consider it a new ESG standard for debt capital markets

A benchmark if you will, offering views into the fixed income market that are rooted in environmental and social science and deepened by a practitioner’s understanding of real-world best practices and regulatory frameworks.

Because transparency and access to the right tools in your search for ESG integration is key.

Are you ready to join the hunt for impact?


We provide strong analytic products and services to support the growing market
in sustainable and socially responsible fixed income financing and investing.


ESG impact data

We assess ESG impact, focusing on individual bonds, taking a closer look at the complex uses of proceeds to provide transparency at the bond level. In doing so, we also reveal ESG risk mitigation.

Built with input from large asset managers, our nuanced scoring system is tailored to over 140 sub-sectors, providing the ability to view bonds in all sectors on a direct comparison basis. Read More


green, social and sustainability bond services

We are the market leader for verified green, social and sustainability bonds in US public finance. As an Approved Verifier accredited by the Climate Bonds Initiative (CBI), we evaluate corporate and municipal bonds in all asset classes worldwide for conformance with international standards. Read More

  • Second Party Opinions
  • Impact reporting

investment products

Indexes and funds built by Kestrel or in partnership with industry participants. Contact us.

our approach to ESG

We identify best practices in each sector that align with Five Sustainable Finance Goals while also taking into consideration the overarching environmental, legal and regulatory frameworks that issuers operate within.

These best practices, or “material factors” reflect the beneficial impact of a bond, including how well it aligns with a just transition to a decarbonized economy.

– transition to a decarbonized economy
– integrate resilient and sustainable design features
– preserve, enhance, or restore natural capital
– promote a more equitable society and a just transition
– disclose activities, impacts and risks
Learn More Learn More

We are collaborators, continuously working with debt capital market participants to design and implement ESG data products that solve for today’s challenges in decarbonizing global economies. Explore our platform or reach out to start a discussion.


MassDevelopment Issues $232M First-in-the-Nation Sustainability Bond

Massachusetts Development Finance Agency issued bonds on behalf of Boston Medical Center, the largest safety net provider in New England. Kestrel provided a Second Party Opinion for a Sustainability Bonds […]

Read more

Welcome to the new Kestrel!

Kestrel is excited to announce the launch of our new data offering and an updated brand to reflect our growing position as a leading data provider in the Environmental, Social, […]

Read more

The Bond Buyer: Muni bonds for firefighting firm aid smooth flight to SPAC equity deal

Kestrel provided a Second Party Opinion for Bridger Aerospace’s Sustainability Bonds with proceeds that will be used to purchase two SuperScooper planes for firefighting, among other activities. Wildfires pose a […]

Read more


100 %

coverage of the entire municipal primary market
for investment grade and higher with
>$20 million par value

100 %

coverage of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged USD

+60 %

market share by # of external reviews in US public finance*


par verified

*S&P Global Q4 2022