绿色债券定价的实际应用:寻找Greenium

IF 0.4 Q4 BUSINESS, FINANCE
Candace Partridge, Medda Francesca Romana
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引用次数: 1

摘要

绿色债券定价的实际应用:《寻找绿色》摘自2020年夏季《另类投资杂志》,作者坎迪斯·帕特里奇和弗朗西斯卡·罗曼娜·梅达(均来自伦敦大学学院)探讨了绿色债券——那些支持清洁能源生产等环境可持续项目的债券——能否获得高价格并提供有竞争力的回报。作者询问绿色市政债券的定价或表现是否存在绿色溢价,并发现它们通常在一级市场上获得与非绿色债券相同的前期价格,但在二级市场上提供更高的回报。帕特里奇和梅达表示,之所以存在这种差异,是因为政府主要在一级市场上向少数机构投资者出售债券,而更多的投资者可以在二级市场上购买债券。对绿色债券的更多竞争意味着更多的需求,这会提高价格并产生更多可见的绿色。在一级市场,绿色债券的主要好处可能是提高了发行城市和州的ESG投资者的形象。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Practical Applications of Green Bond Pricing: The Search for Greenium
Practical Applications In Green Bond Pricing: The Search for Greenium from the Summer 2020 issue of The Journal of Alternative Investments, authors Candace Partridge and Francesca Romana Medda (both of University College London) explore whether green bonds—those that support environmentally sustainable projects like clean-energy production—can fetch high prices and provide competitive returns. The authors ask whether there is a green premium—or “greenium”—in the pricing or performance of green municipal bonds and find that generally they fetch the same up-front price as nongreen bonds in the primary market but provide higher returns on the secondary market. Partridge and Medda say this difference exists because governments sell bonds primarily to a small number of institutional investors on the primary market, whereas a wider range of investors can buy on the secondary market. More competition for green bonds equals more demand, which raises prices and produces more visible greenium. In the primary market, the main benefit of green bonds may be to raise the profile among ESG investors of the issuing cities and states.
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来源期刊
CiteScore
1.50
自引率
14.30%
发文量
40
期刊介绍: The Journal of Alternative Investments (JAI) provides you with cutting-edge research and expert analysis on managing investments in hedge funds, private equity, distressed debt, commodities and futures, energy, funds of funds, and other nontraditional assets. JAI is the official publication of the Chartered Alternative Investment Analyst Association (CAIA®). JAI provides you with challenging ideas and practical tools to: •Profit from the growth of hedge funds and alternatives •Determine the optimal mix of traditional and alternative investments •Measure and track portfolio performance •Manage your alternative investment portfolio with proven risk management practices
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