Green bonds have become a huge success and one of the key pieces to filling the gap in climate finance, becoming a mainstream financial instrument. This dissertation, it was aimed to analyze, first, the differences that green bonds and conventional bonds have in the Credit Spread, and second, whether green bonds and conventional bonds issued in the United States of America versus the European Union have differences in the Credit Spread. The full sample consists of 680 bonds, of which 264 are green bonds and 416 conventional bonds, issued based on a period from 2015 to 2021, inclusive. It should be noted that in the period under review the annual evolution of green bond issues has gradually increased from the year 2015, when they represented 1.39% of the total value, to the year 2021 when they represented 46.56%. One of the main findings of this study is that in the analysis of the descriptive variables the Credit Spread of green bonds is on average slightly lower with the value of 160.55 bps, compared to the Credit Spread of conventional bonds which takes the value of 160.87 bps. Through the OLS regressions, it is observed that there is no difference in the Credit Spread of green bonds versus conventional bonds. Similarly, there is no difference in the Credit Spread if the bonds, both green and conventional, are issued in the United States of America or the European Union.
Date of Award | 7 Jul 2022 |
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Original language | Portuguese |
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Awarding Institution | - Universidade Católica Portuguesa
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Supervisor | João Pinto (Supervisor) |
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- Green bonds
- Corporate bonds
- Credit spread
O spread das obrigações verdes versus as obrigações convencionais
Firmo, G. J. M. (Student). 7 Jul 2022
Student thesis: Master's Thesis