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Abstract(s)
As obrigações verdes tornaram-se um enorme sucesso e uma das peças chave para preencher a falha no financiamento climático, convertendo-se num instrumento financeiro de referência. Nesta dissertação, teve-se como objetivo analisar, em primeiro lugar, as diferenças que as obrigações verdes e as obrigações convencionais têm no Credit Spread, e em segundo lugar, se as obrigações verdes e as obrigações convencionais emitidas nos Estados Unidos da América versus a União Europeia têm diferenças no Credit Spread. A amostra global é composta por 680 obrigações, das quais 264 são verdes e 416 convencionais, emitidas com base num período temporal entre 2015 a 2021, inclusive. Importa realçar que no período em análise a evolução anual das emissões das obrigações verdes tem aumentado gradualmente desde o ano de 2015, ano em que representavam 1.39% do valor total, ao ano 2021 em que representaram 46.56%. Uma das principais conclusões deste estudo é que na análise univariada, o valor do Credit Spread das obrigações verdes é, em média, ligeiramente menor, com o valor de 160,55 bps, em comparação com o Credit Spread das obrigações convencionais que toma o valor de 160,87 bps. Através das regressões OLS, observa-se a inexistência de diferenças no Credit Spread entre as obrigações verdes e as obrigações convencionais. Da mesma forma, não existe diferença no Credit Spread se as obrigações, tanto verdes como convencionais, forem emitidas nos Estados Unidos da América ou na União Europeia.
Green bonds have become a huge success and one of the key pieces to filling the gap in climate finance, becoming a mainstream financial instrument. This dissertation, it was aimed to analyze, first, the differences that green bonds and conventional bonds have in the Credit Spread, and second, whether green bonds and conventional bonds issued in the United States of America versus the European Union have differences in the Credit Spread. The full sample consists of 680 bonds, of which 264 are green bonds and 416 conventional bonds, issued based on a period from 2015 to 2021, inclusive. It should be noted that in the period under review the annual evolution of green bond issues has gradually increased from the year 2015, when they represented 1.39% of the total value, to the year 2021 when they represented 46.56%. One of the main findings of this study is that in the analysis of the descriptive variables the Credit Spread of green bonds is on average slightly lower with the value of 160.55 bps, compared to the Credit Spread of conventional bonds which takes the value of 160.87 bps. Through the OLS regressions, it is observed that there is no difference in the Credit Spread of green bonds versus conventional bonds. Similarly, there is no difference in the Credit Spread if the bonds, both green and conventional, are issued in the United States of America or the European Union.
Green bonds have become a huge success and one of the key pieces to filling the gap in climate finance, becoming a mainstream financial instrument. This dissertation, it was aimed to analyze, first, the differences that green bonds and conventional bonds have in the Credit Spread, and second, whether green bonds and conventional bonds issued in the United States of America versus the European Union have differences in the Credit Spread. The full sample consists of 680 bonds, of which 264 are green bonds and 416 conventional bonds, issued based on a period from 2015 to 2021, inclusive. It should be noted that in the period under review the annual evolution of green bond issues has gradually increased from the year 2015, when they represented 1.39% of the total value, to the year 2021 when they represented 46.56%. One of the main findings of this study is that in the analysis of the descriptive variables the Credit Spread of green bonds is on average slightly lower with the value of 160.55 bps, compared to the Credit Spread of conventional bonds which takes the value of 160.87 bps. Through the OLS regressions, it is observed that there is no difference in the Credit Spread of green bonds versus conventional bonds. Similarly, there is no difference in the Credit Spread if the bonds, both green and conventional, are issued in the United States of America or the European Union.
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Keywords
Obrigações verdes Obrigações convencionais Credit spread Green bonds Corporate bonds