The $95 billion asset manager is broadly positive about high-grade debt but is selling BBB rated bonds.
The world's second-largest asset manager expects interest rates to remain higher for longer.
Global green bond sales are on track for the biggest year ever.
The Wall Street giants are borrowing from the debt market after posting strong net interest income.
The ESG bond market is "maturing" in how it labels ethical debt, the firm said.
A company study found that the anti-ESG push runs along political lines and is isolated to the U.S.
The amount of bonds sold last quarter for ESG projects was down more than 50% from last year.
A more severe recession could more than triple the default rate, according to S&P.
Corporate bonds of all kinds have been battered by the broader fixed-income rout.
Sustainability-linked bonds are growing in popularity because they can be used by a wider pool of borrowers.
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