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A parametric approach to estimate the green bond premium
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Resumo(s)
We analyze whether green bonds are traded on a premium versus conventional issuances of the
same issuer. We estimate the difference in yield between a sample of 160 green bonds and a
synthetic conventional bond with identical characteristics. The paper finds that green bonds have
been traded on slightly higher yields than conventional bonds. This premium seems to decline in
2016 and 2017. Our data suggests that there is no significant difference between the developed and
emerging markets and between different industry groups.
Descrição
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Green bonds Green bonds premium Sustainable investing Government bonds Corporate bonds