Abstract
Through a matching method, we estimate and analyze the green bond premium, defined as the difference in yield between a green bond and an equivalent synthetic conventional bond. For the sake of accuracy, we focus our analysis on 118 green bonds issued worldwide. The average green bond premium is found to be negative from the green bonds' issuance date to August 31, 2016. The rating is the major driver of the green bond premium: the riskier the bond is, the greater the negative premium will be. The currency of issuance also contributes to the value of green bond premia.
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