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Can retail investors influence the greenium?
[Les investisseurs particuliers sont-ils à même d’influer sur le « greenium » ?]

Author

Listed:
  • Allegra Pietsch
  • Dilyara Salakhova

Abstract

In 2020 retail investors’ demand for green bonds surged leading to a jump in greenium – a price premium for green bonds. This trend did not last. Sensitivity of retail investors’ financial conditions to the macroeconomic situation may explain the later decline in investors’ appetite for green bonds and thus the later reduction in the greenium. En 2020, la demande d’obligations vertes provenant des investisseurs particuliers a fortement augmenté, entraînant un bond du greenium – la prime de prix associée aux obligations vertes. Cette tendance n’a pas duré. La sensibilité des conditions financières des investisseurs particuliers à la situation macroéconomique pourrait expliquer la baisse de l’appétence des investisseurs pour les obligations vertes et par conséquent la réduction du greenium observée par la suite.

Suggested Citation

  • Allegra Pietsch & Dilyara Salakhova, 2026. "Can retail investors influence the greenium? [Les investisseurs particuliers sont-ils à même d’influer sur le « greenium » ?]," Eco Notepad 445, Banque de France.
    • Handle: RePEc:bfr:econot:445
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