Independent Science-Based ESG Evaluation for:
Municipal Bonds
Meaningful ESG data at the CUSIP level, reflecting the impact of bond-financed activities on the planet and society. Kestrel’s ESG Impact Data originates directly from our own smart analysts enabled by technology.
Structured Products
ESG Impact Data for single-family, multi-family and commercial mortgage-related securities that reflects qualities of the underlying financed activities.
Loans
We assess the environmental and social attributes and impacts of activities financed by whole loans.
What makes our ESG Data different?
We assess the ESG impact of the financed activities, and focus on the bond, not the issuer. Our scores reflect the presence of real-world best practices to advance the just transition to a decarbonized economy. We employ environmental and social scientists who use a science-based methodology to analyze the ESG impacts of bonds. We are 100% independent and highly qualified. Kestrel ESG data is built on Kestrel Verifiers’ foundation as the market leader for external reviews and authority on Green and Social Bonds in US public finance.
Kestrel ESG Data:
- Communicates the ESG impact of bond-financed activities
- Is 100% original, science-based and independently developed
- Communicates alignment with the just transition to a decarbonized economy
- Fits with bespoke ESG strategies
- Is purpose-built to meet needs of institutional investors
Original ESG Data for Fixed Income
We believe that being able to tell the difference between appearance and reality is key when considering ESG factors. That’s why we developed our latest product, Kestrel ESG Data, which provides impact transparency at the CUSIP level.
Scoring is rooted in a science-based methodology that incorporates sector-specific best practices for E, S, and G. Scores are summarized on a scale of 1 to 5, where high scores reflect exemplary bonds with positive impacts.
Learn more about the five sustainable finance goals that drive our methodology.
A “Total Weighted ESG Score” allows for comparison of impact within and across sectors.
Our "Climate Risk Disclosure" score reveals if disclosure is present and to what degree.
We assign eligibility for designation as a Green, Social, or Sustainability Bond as per the ICMA Principles.
We identify funding sources for bond repayment as either “Generally Acceptable” or a “Potential Flashpoint.”
We provide a brief description of the key financed activities and their material ESG attributes.
We map the primary impacts of the financed activities to the United Nations Sustainable Development Goals (SDGs) at the Target level.
Use Cases
Kestrel ESG Data supports your bespoke investment strategies.
ESG Integration in Bond Trading
Identify bonds that meet certain ESG criteria to support efficient buy/sell decisions in primary and secondary markets. Select securities based on alignment with the just transition to a decarbonized economy.
Construct and Manage Portfolios
Use Kestrel ESG Impact Data to construct fixed-income portfolios that target reductions in carbon emissions over time. Understand and communicate the ESG impact of bonds in portfolios.
Impact Reporting
Communicate the true ESG impact of bond holdings with our use-of-proceeds-based UN SDG Goals and Target alignment. We include a narrative description of bond-financed activities and associated impact.
Thematic Investing
Identify bonds that qualify for specific themes, like Clean Energy, Access to Education, Affordable Housing or the Just Transition.
Identify Unlabeled Green, Social & Sustainability Bonds
Identify unlabeled but eligible bonds in the primary and secondary markets.
Compliance
Meet your net zero investing and social equity commitments. Show compliance with internal and external investment mandates.
New Investment Products
Create new types of investment products for customers who value sustainability and positive impact.
Read more about the five sustainable finance goals that drive our methodology.
Kestrel in the News
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...
First-of-Its-Kind $10M Green Bond Issued to Finance Family Forest Carbon Program to Fight Climate Change
The American Forest Foundation issued its first Green Bonds in July to finance the Family Forest Carbon Program. The program provides incentive...
The Bond Buyer: Massachusetts’ $2.7B marks largest ‘social’ ESG muni deal yet
Kestrel provided a Second Party Opinion for a Social Bonds designation for the Commonwealth of Massachusetts in the largest Social, Green, or...
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...
First-of-Its-Kind $10M Green Bond Issued to Finance Family Forest Carbon Program to Fight Climate Change
The American Forest Foundation issued its first Green Bonds in July to finance the Family Forest Carbon Program. The program provides incentive...
The Bond Buyer: Massachusetts’ $2.7B marks largest ‘social’ ESG muni deal yet
Kestrel provided a Second Party Opinion for a Social Bonds designation for the Commonwealth of Massachusetts in the largest Social, Green, or...
The Bond Buyer: Connecticut Green Bank plots more retail-focused climate bonds
The Connecticut Green Bank is targeting retail investors with the latest issuance of Green Liberty Notes. Proceeds will finance loans made to small...
Kestrel is making headlines. Read more about our latest company happenings on our News page.
Our Team
Our team of environmental and social scientists has a nuanced understanding of public finance. Our data is backed by the quality and integrity we have brought to our government clients over the last 20 years.
CEO and Founder
Monica Reid
Monica Reid is the Founder and Chief Executive Officer of Kestrel ESG and Kestrel Verifiers, the market leader for providing external reviews of green, social and sustainability bonds in US public finance. Ms. Reid has over 20 years of experience as a thought leader in innovative finance for infrastructure and sustainability efforts.
Melissa Winkler
Senior Vice President, Sales
Mi Ra Park
Senior Vice President, Business Operations
John Katovich
General Counsel
Rich Raphael
Senior Vice President
Dara Morantes
Vice President of Special Projects
April Strid
Lead ESG Analyst
Melissa Sherwood
Senior ESG Analyst
Prachi Chandhok
Head of Product, ESG Data
Kate Bennett
ESG Data Operations Mgr / Data Analyst
Sheri Zekraus
Senior Vice President of Marketing and Communications
Joanne Ferrigan
Vice President, Quality Assurance & Risk Management
Cailey Martin
ESG Analyst
Emily Thompson
ESG Analyst
Joe Gyorky
ESG Analyst
Jordynn Paz
ESG Analyst
Matt Michel
ESG Analyst
Miglena Stancheva
Financial Analyst
Shannon Huberd
Office Manager
Kestrel is making a difference. We’re hiring, and we need great people. Explore Careers at Kestrel to learn more.
April Strid
Lead ESG Analyst
Melissa Sherwood
Senior ESG Analyst
Prachi Chandhok
Head of Data Products
Kate Bennett
ESG Data Operations Mgr / Data Analyst
Sheri Zekraus
Senior Vice President of Marketing and Communications
Joanne Ferrigan
Vice President, Quality Assurance & Risk Management
Cailey Martin
ESG Analyst
Emily Thompson
ESG Analyst
Joe Gyorky
ESG Analyst
Jordynn Paz
ESG Analyst
Matt Michel
ESG Analyst
Shannon Huberd
Office Manager
Miglena Stancheva
Financial Analyst
Kestrel is making a difference. We’re hiring, and we need great people. Explore Careers at Kestrel to learn more.
About Kestrel
For more than 20 years Kestrel has been at the forefront of public finance helping state and local governments access capital for sustainable infrastructure. We are a Women’s Business Enterprise dedicated to providing strong analytic products and services to support the growing market in sustainable and socially responsible fixed-income investing. The purpose of our work is to identify environmental, climate, and social benefits inherent in financed activities in order to help investors make informed decisions. Our team is united through a strong work ethic, a culture of integrity, and a dedication to creating real value and true service for our customers.