Sustainability is driving innovation in investment-grade credit. This is particularly visible in the euro-denominated market, although we expect that the Biden administration will encourage a sustainability focus in the USD market going forward. When talking about sustainability in the bond market, this means more than just green bonds. In fact, the green, sustainable, and social (GSS) bond market has grown exponentially and has diversified into many different sectors and types of bond structures. Over the past three years, the total notional value of the ICE BofA Green Bond Index increased by almost fourfold.