Sovereign ‘greenium’ differs more than you might think
Term structure data shows wide variation in yields for green sovereign debt
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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