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Regional variation in the green bond premium and the influence of external verification on yield spreads
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This thesis examines regional variation in the green bond premium and the influence of external verification on yield spreads. Using global corporate bond data from 2015–2025, we find that the greenium does not differ systematically between regions once currency, timing, and
industry effects are controlled for. By contrast, external verification through second-party opinions lowers yield spreads by 8–10 bps. This effect is stronger in markets characterized by lower transparency and weaker disclosure frameworks. Overall, the results suggest that while
the green label lowers yields, external verification amplifies this effect, and its value is highest in less transparent markets.
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Green bonds Greenium Second-party opinion Sustainable finance