Which of the following is NOT likely to be considered a G factor by a sovereign debt investor?

The correct choice highlights that the proportion of investors who are PRI (Principles for Responsible Investment) signatories is generally not classified as a G factor by sovereign debt investors. G factors, referring to governance factors, traditionally focus on country-specific characteristics that directly affect the governance structures and processes within a sovereign state.

Corruption, rule of law, and regulatory effectiveness are essential components of governance. They shed light on the functioning of institutions, the quality of leadership, the integrity of legal systems, and how laws are implemented and enforced. These factors are critical for assessing risk and determining the creditworthiness of sovereign debt, as they influence economic stability and predictability for investors.

In contrast, the proportion of investors that are PRI signatories is more related to the behavior of investment institutions and their commitment to responsible investment practices rather than the governance frameworks of a sovereign state itself. While this proportion may indicate trends in the investment community's concern for ESG (Environmental, Social, and Governance) issues, it does not directly reflect the governance quality within the sovereign nation being evaluated. Therefore, it is not a governance factor in the same context as the other options provided.