Data di Pubblicazione:
2021
Citazione:
The pricing of green bonds: are financial institutions special? / S. Fatica, R. Panzica, M. Rancan. - In: JOURNAL OF FINANCIAL STABILITY. - ISSN 1572-3089. - 54:(2021), pp. 100873.1-100873.20. [10.1016/j.jfs.2021.100873]
Abstract:
The financial system plays a major role in the transition to a low-carbon economy. We shed light on this
analyzing recent developments in the bond and debt markets. First, we study the pricing of green bonds at
issuance. We find a premium for green bonds issued by supranational institutions and corporates but no
yield differences in case of issuances by financial institutions. We also document an effect for external
review and repeated access to the green bond market. Second, we show that banks that issue green bonds
reduce lending towards carbon-intensive sectors, but limited to the loan amounts granted in the role of lead
bank in the deal. This mixed evidence about lending suggests that, at the time of issuance, investors may not
be able to identify a clear link between the green bond issued by a financial institution and a specific green
investment project, which would explain the absence of a green premium for financial issuers.
Tipologia IRIS:
01 - Articolo su periodico
Keywords:
Sustainable finance; Climate change; Green bonds; Financial institution; Bank loans
Elenco autori:
S. Fatica, R. Panzica, M. Rancan
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