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Do Stakeholders Benefit from Green Bonds Denominated in Euro? Evidence from Global Greenium

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  • Piotr Jaworski

    (University of Warsaw, Faculty of Management, Poland)

Abstract

The aim of this paper is to estimate the greenium in the financial debt market, calculated as the difference between the yield of green bonds and conventional bonds with the same type of with respect to euro-denominated bonds, type of the debt security, type of issuers, and maturity. The hypothesis is The greenium for the euro-denominated bonds does exist. For the analysis, yield curves for green bonds and conventional bonds were built. It employed the yield curve methodology proposed by Nelson Siegel Svensson. Statistical tests on greenium were also prepared. Daily data were collected from the Refinitiv Eikon database, covering the period from January 4, 2010, to October 17, 2024. The results suggest that greenium exists and is statistically significant. This phenomenon is noticed for the whole sample as well as the individual issuer and its bonds. The presented results show that greenium is negative and that it equals 9 basic point. The findings can be useful for regulators, governments, investors, and especially for financial institutions. They can be useful for the creating investment portfolio or estimating risk and capital adequacy measures for banks and insurance companies, which is especially significant with respect to the revised Solvency II directive.

Suggested Citation

  • Piotr Jaworski, 2025. "Do Stakeholders Benefit from Green Bonds Denominated in Euro? Evidence from Global Greenium," Journal of Banking and Financial Economics, University of Warsaw, Faculty of Management, vol. 2(24), pages 165-175.
    • Handle: RePEc:sgm:jbfeuw:v:2:y:2025:i:24:p:165-175
    DOI: 10.7172/2353-6845.jbfe.2025.2.9
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    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions

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