ESG: In certain capital market situations, in a fundraising context under the responsible investing atmosphere, the issuing company needs to undergo an Environmental, Social and Governance (ESG) assessment, to be conducted by a widely recognized third-party ESG reviewer, which discloses a summary of the ESG reviewer’s assessment and credentials. That is: expert assessment of a green, social or sustainability bond structure. Depending on the ESG performance of the issuing company, the performance (especially in terms of cost of capital) of funding tends to be better. Self-assessment by the issuing company is not allowed. Bells & Bayes Rating Analytics proposes to carry out the work of evaluating the ESG performance of issuers, through an SPO (Second Party Opinion), usually demanded in situations where the issuer intends to act in responsible inclusive finance and climate finance.