The Report is the 13th iteration of a leading series analysing pricing dynamics of green bonds, examining how these instruments offer pricing advantages for investors and issuers alike.
The H2 2021 Report analyses 53 EUR and 20 USD denominated benchmark-sized green bonds with a total volume of USD71.8bn issued between July and December 2021. The findings follow the H1 2021 report and longer-term Climate Bonds analysis which suggests that pricing benefits of green bonds are pervasive. This leading research series has embedded the concept of the greenium in the discourse of sustainable finance. It refers to the new issue premium, the extra yield that a buyer receives, and a seller pays for a new green bond compared to where seasoned bonds from the same issuer are trading in the secondary market at the time of issuance.
Highlights from Q3-Q4 2021
Previous reports can be found here.
Acknowledgements: Green Bond Pricing in the Primary Market H2 2021 has been produced with funding support by Lyxor ETF, Amundi Group; IFC; and SSGA.
Harrison, C., Green Bond Pricing in the Primary Market H2 2021 Climate Bonds Initiative, March 2022