¿Existe en EEUU un greenium en los bonos verdes vigentes a octubre de 2021?

Abstract

Through this in, it was studied whether corporate green bonds issued in the United States generated a premium or greenium, compared to conventional bonds under similar conditions. For this, sample of 180 green bonds and 1,703 conventional bonds was taken; considering the variables, issue spread, issue price, duration, sector, S&P credit rating and type of bond. Through multiple regressions in different scenarios, found by ordinary least squares and Propensity Score Matching (PSM) analysis, matching the sample of green bonds (observations treated) and conventional bonds (observations without treatment), to find the effect of the green label on the performance of the instrument at the time of issue. The data obtained was favorable for the financial sector, under the OLS methodology, the coefficient of the green variable is inversely proportional to the issue spread, confirming the existence of a premium and the different PSM methodologies corroborate the result obtained.