How Large is the Sovereign Greenium?*
收集主权绿色债券数据，估算主权绿色溢价，发现发达经济体平均为4个基点，新兴市场平均为11个基点且随时间增长。
Abstract This paper assembles a comprehensive sovereign green bond database and estimates the sovereign greenium . The development of green bond markets has been one of the most important financial breakthroughs in the domain of sustainable finance during the last 15 years. A central pecuniary benefit for green bond issuers has been that these bonds exhibit a positive green premium ( greenium ), that is, a lower yield relative to a similar conventional bond. Yet, issuances at the sovereign level have been relatively recent and not well documented in the literature. We find that green bonds are issued at a relatively small premium (4 basis points on average) in Advanced Economies. Yet, importantly, the greenium is growing over time and is considerably larger (11 basis points on average) for Emerging Market Economies.