{
  "title": "How Large is the Sovereign Greenium?",
  "publication": "IMF Working Papers, April 7, 2023",
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  "summary": "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.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- This paper assembles a comprehensive sovereign green bond database and estimates the sovereign greenium.\n- 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.\n- A central benefit associated with green bonds is that they exhibit a positive green premium (greenium), i.e., a lower yield relative to a similar conventional bond.\n- Sovereign green bond issuances have been relatively recent and not well documented in the literature."
    },
    {
      "heading": "Key findings",
      "content": "- Green bonds are issued at a relatively small premium of 4 basis points on average in Advanced Economies.\n- The greenium is growing over time.\n- The greenium is considerably larger for Emerging Market Economies: 11 basis points on average."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subjects: Bonds, Climate finance, Environment, Financial institutions, Sovereign bonds\n- Keywords: bond database, Bonds, Climate Change., Climate finance, Financial Innovation, green bond, Green bond data, Green Bonds, green premium, Greenium, Sovereign bonds, Sovereign Debt, Sustainable Finance\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2023/04/07/how-large-is-the-sovereign-greenium-530332"
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    "Authors: Sakai Ando, Chenxu Fu, Francisco Roch, Ursula Wiriadinata",
    "Published: April 7, 2023",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9798400235160.001",
    "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 benefit associated with green bonds is that they exhibit a positive green premium (greenium), i.e., a lower yield relative to a similar conventional bond.",
    "Sovereign green bond issuances have been relatively recent and not well documented in the literature.",
    "Green bonds are issued at a relatively small premium of 4 basis points on average in Advanced Economies.",
    "The greenium is growing over time.",
    "The greenium is considerably larger for Emerging Market Economies: 11 basis points on average.",
    "Subjects: Bonds, Climate finance, Environment, Financial institutions, Sovereign bonds",
    "Keywords: bond database, Bonds, Climate Change., Climate finance, Financial Innovation, green bond, Green bond data, Green Bonds, green premium, Greenium, Sovereign bonds, Sovereign Debt, Sustainable Finance",
    "**Working Paper**"
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