Green Bonds – Trends and Development Perspectives

Jakub Marszałek, Anetta Kuna-Marszałek

Abstract


The purpose of the article is to identify changes on the green bond market. Using a sample of 1,202 bonds registered in the Thomson Reuters Eikon database, a statistical analysis using correlation measures, a test of signifiance of differences and basic descriptive statistics was carried out. The study finds an increasing share of corporate issuers and an increase in the diversifiation of the purpose of issuance and the currencies in which the bonds are denominated. There is a small correlation between maturity and the offered coupon or YTM. Compared to similar non-green bonds, they are issued for a shorter time, allowing for more flexible management of the investor’s portfolio.

Keywords


green bonds; eco-investments; global market; climate change; ecology

Full Text:

PDF

References


Calder A., Kolodzie M., Green Bonds, RBC Capital market. Report, 4. April 2017.

Chesney M., Environmental Finance and Investments, Springer 2016.

Chiang J., Growing the US green bond market, California State Treasurer, California 2017.

Ehlers T., Packer F., Green bond finance and certification, „BIS Quarterly Review”, September 2017, pp. 89-104.

Global and European Green Finance Policy Directory, December 2017.

Green Bonds: Country Experiences, Barriers and Options, OECD, ICMA, CBI, GFC of China Society for Finance and Banking, 2016.

Greening India’s Financial Market: How Green Bonds Can Drive Clean Energy Deployment, Interim Report, April 2016.

Nassiry D., Green Bond Experience in the Nordic Countries, “ADBI Working Paper Series” No. 816, March 2018, pp. 1-26.

OECD, Green bonds: mobilising the debt capital markets for a low-carbon transition. Policy perspectives, OECD Publications 2015.

OECD, Mobilising Bond Markets for a Low-Carbon Transition, Green Finance and Investment, Paris 2017.

Realizing Infrastructure-scale Finance in the Green Bond Market: Scoping Trends, FREE Policy Brief Series 2016.

Shishlov I. et. al., Environmental integrity of green bonds: stakes, status and next steps, Green Bonds Research Program Work Package 2, Institute for Climate Economics 2018.

The potential of green bonds. A Climate Finance Instrument for the Implementation of Nationally Determined Contributions, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, Bonn 2017.




DOI: http://dx.doi.org/10.17951/h.2018.52.4.39-47
Date of publication: 2019-02-19 12:20:41
Date of submission: 2018-05-08 20:24:56


Statistics


Total abstract view - 1229
Downloads (from 2020-06-17) - PDF - 0

Indicators



Refbacks

  • There are currently no refbacks.


Copyright (c) 2019 Jakub Marszałek, Anetta Kuna-Marszałek

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.