Greenium is at the core of the discussion around the issuance of sustainable finance instruments. It reflects how much appetite there is from investors to accept a price premium (i.e. a lower yield) for a green bond in comparison to a conventional issuance.
Issuers pay close attention to the greenium as it allows companies to raise funds at a lower cost if they think green, even if funds raised come with covenants that constrain their use. (So no Michael Saylor Bitcoin leveraging going on… at least not until this crypto energy debate is finished once and for all)
Greenium is calculated as the difference between yields of green and conventional bonds, which in financial jargon is simply called the 'spread'. That spread exists mainly because green bonds are perceived as less risky than conventional bonds. Why?
Manuel Antunes is a Nova SBE alumnus.Website
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