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Sustainable versus conventional bonds: a comparative analysis of primary market spreads
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This paper provides a comparative analysis of the credit spreads and pricing of sustainable and conventional bonds issued by nonfinancial firms worldwide between 2012 and 2022. We find that sustainable and conventional bonds respond differently to common pricing factors, with investors placing less emphasis on credit ratings when pricing sustainable bonds. On average, there is no significant difference in credit spreads between sustainable and comparable conventional bonds, a result that holds across matched sample analysis and endogenous switching regression models. However, during the COVID-19 crisis, green and sustainability bonds were associated with significantly lower spreads, suggesting increased investor demand for ESG-linked instruments in periods of uncertainty. Finally, we show that contractual, macroeconomic, and firm-level characteristics influence the choice between sustainable and conventional bond issuance.
Descrição
Palavras-chave
Bond pricing ESG Sustainable bonds Green bonds Social bonds Sustainability bonds COVID-19
Contexto Educativo
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Elsevier B.V.