Sovereign ‘greenium’ differs more than you might think
Term structure data shows wide variation in yields for green sovereign debt, argues economist
From 2021 to 2023, global borrowers issued more than $300 million of sustainability-linked bonds and loans – instruments whereby borrowers pay a higher return to investors in the event that the issuer misses a pre-determined sustainability target.
The idea has been to incentivise issuers to meet environmental, social and governance (ESG) goals and to reward them – in theory, at least – with cheaper borrowing from lenders aiming to invest sustainably themselves.
But what if we assume those
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