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Are corporate green bonds issued and traded at a premium? Evidence from France
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Resumo(s)
This paper studies the existence of a green premium in the primary and secondary
market using French corporate green bonds. We find that, while the yields of green bonds are
on average lower than the yields of conventional bonds in the primary market, the results are
not statistically significant. On the other hand, on the secondary market we find that green bonds
trade tighter than non-green bonds. When splitting in rating groups, we find that A rated green
bonds trade higher than conventional bonds.
Descrição
Palavras-chave
Green bond premium Green bonds Sustainable finance Credit rating