IMF-主权绿地有多大？（英）-2023.4-15页_1mb

IMF Working Paper Summary

Paper Title

How Large is the Sovereign Greenium?

Authors

Sakai Ando, Chenxu Fu, Francisco Roch, Ursula Wiriadinata*

Key Points

1. Sovereign Greenium Defined:
   The study establishes a comprehensive database for sovereign green bonds and quantifies the "sovereign greenium," defined as the yield advantage of sovereign green bonds compared to conventional bonds of similar risk and maturity.

2. Market Analysis:
   In Advanced Economies (AE), the average sovereign greenium is small, estimated at 4 basis points.

3. Emerging Market Economies (EMEs):
   Sovereign green bonds in EMEs exhibit a significantly larger greenium, averaging 11 basis points.

4. Market Trend:
   The sovereign greenium has been increasing over time.

5. Focus Period:
   The analysis specifically highlights developments from 2017 through 2021.

6. Reliability:
   Due to the relatively recent emergence of sovereign green bonds, findings are based on available data and should be interpreted accordingly.