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Greenium in the secondary market for corporate bonds
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Resumo(s)
Green bonds are seen as a key financial instrument for unlocking the transition to a low-carbon
economy (Paris Agreement). To study the potential green premium of this financial instrument,
I resort to two methodologies: a parametric approach, fixed effects, and a non-parametric,
propensity score matching. The results corroborate the finding of a negative yield spread
between green and non-green (greenium) euro-denominated investment-grade corporate bonds
in the secondary market. The magnitude varies, on average, between 10 and 30 basis points,
depending on the estimation method. In the financial sector, the greenium is even higher,
reaching up to 40 basis points.
Descrição
Palavras-chave
Green bonds Greenium Fixed effects Propensity sore matching Yield spread Euro-denominated Corporate investment-grade bonds Secondary market