The green corporate bond issuance premium

Abstract

board of governors of the federal reserve system international finance discussion papers issn 1073-2500 (print) issn 2767-4509 (online) number 1346 june 2022 the green corporate bond issuance premium john caramichael and andreas rapp please cite this paper as: caramichael, john and andreas rapp (2022). “the green corporate bond issuance premium,” international finance discussion papers 1346. washington: board of governors of the federal reserve system, doi.org/10.17016/ifdp.2022.1346. note: international finance discussion papers (ifdps) are preliminary materials circulated to stimulate discussion and critical comment. the analysis and conclusions set forth are those of the authors and do not indicate concurrence by other members of the research staff or the board of governors. references in publications to the international finance discussion papers series (other than acknowledgement) should be cleared with the author(s) to protect the tentative character of these papers. recent ifdps are available on the web at www.federalreserve.gov/pubs/ifdp/. this paper can be downloaded without charge from the social science research network electronic library at www.ssrn.com. the green corporate bond issuance premium john caramichael * andreas c. rapp † may 2022 abstract we study a global panel of green and conventional bonds to assess the borrowing cost advantage at issuance for green bond issuers. we find that, on average, green bonds have a yield spread that is 8 basis points lower …

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