Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/285366 
Year of Publication: 
2024
Series/Report no.: 
CFS Working Paper Series No. 718
Publisher: 
Goethe University Frankfurt, Center for Financial Studies (CFS), Frankfurt a. M.
Abstract: 
This research focuses on the cost of financing green projects on the primary bond market and tests for a potential price differential between green bonds issued by government entities and those issued by supranational and private sector issuers. Our findings indicate that government entities benefit from more favorable pricing conditions worldwide. This advantage is growing over time and particularly pronounced for sovereigns and municipal authorities. Our analysis also reveals that country-specific factors, such as strong political commitment to address climate change, low income level and high degree of indebtedness are significant predictors of the pricing spread across bonds.
Subjects: 
Green bonds
Sovereign debt
Yield spread
Greenium
JEL: 
G15
G32
H63
C21
URL of the first edition: 
Document Type: 
Working Paper

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