Partridge, C;
Medda, F;
(2018)
Green Premium in the Primary and Secondary U.S. Municipal Bond Markets.
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Abstract
Green municipal bonds are a growing segment of the US municipal bond market. As they face increasing demand, there have been questions about the performance of green muni bonds relative to their conventional counterparts. In this paper, we perform yield curve analysis on a selection of green-labelled muni bonds that were issued at the same time as conventional muni bonds by the same issuers. We further refine this down to a pair-wise analysis to check the yield differential between pairs of bonds that are identical except for the green label. We find that there is a growing trend towards green premium in both the primary and secondary markets in both the series trend analysis and in the pair-wise analysis.
| Type: | Working / discussion paper |
|---|---|
| Title: | Green Premium in the Primary and Secondary U.S. Municipal Bond Markets |
| Open access status: | An open access version is available from UCL Discovery |
| Publisher version: | https://papers.ssrn.com/sol3/papers.cfm?abstract_i... |
| Language: | English |
| Additional information: | This version is the version of record. For information on re-use, please refer to the publisher’s terms and conditions. |
| Keywords: | Green Bonds, Municipal Bonds, Infrastructure, Sustainability, ESG, Investment |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science > Dept of Civil, Environ and Geomatic Eng |
| URI: | https://discovery-pp.ucl.ac.uk/id/eprint/10056261 |
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