Sustainable bond issuances in international markets, 2014–2022: characteristics, trends and greenium in Latin America and the Caribbean

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cepal.bibLevelDocumento Completo
cepal.callNumberLC/TS.2023/186
cepal.docTypeSeries
cepal.jobNumberS2301157_en
cepal.regionalOfficeWashington
cepal.topicEngSUSTAINABLE DEVELOPMENT
cepal.topicSpaDESARROLLO SOSTENIBLE
cepal.workareaEngSUSTAINABLE DEVELOPMENT AND HUMAN SETTLEMENTS
cepal.workareaSpaDESARROLLO SOSTENIBLE Y ASENTAMIENTOS HUMANOS
dc.contributor.authorVelloso, Helvia
dc.contributor.authorPerrotti, Daniel E.
dc.coverage.spatialEngLATIN AMERICA AND THE CARIBBEAN
dc.coverage.spatialSpaAMERICA LATINA Y EL CARIBE
dc.coverage.temporalEnd2022
dc.coverage.temporalStart2014
dc.date.accessioned2023-12-28T21:47:38Z
dc.date.available2023-12-28T21:47:38Z
dc.date.issued2023-12-28
dc.description.abstractThis document examines the evolution of Latin America and the Caribbean (LAC)’s international issuance of sustainable bonds —green, social, sustainability and sustainability-linked bonds (GSSS)— since the region’s first international green bond was issued in December 2014. Reaching a cumulative total international GSSS bond issuance of US$ 100 billion in the 2014-2022 period, four main trends are identified. First, the share of GSSS bonds in the region’s total international bond issuance has increased significantly, jumping from less than 1% in 2018 to 32% in 2022. Second, while initially most issuances were of green bonds, the region has moved toward a diversification of the sustainable instruments used, with sustainability and sustainability-linked bonds becoming the region’s most used GSSS instruments since 2021. Third, since Chile issued the first sovereign international green bond in June 2019, sovereign GSSS bond issuances have become the driver of the region’s overall international sustainable issuances, accounting for the largest share of the GSSS total. Finally, applying a propensity score matching (PSM) methodology to compare the behavior of GSSS and conventional bonds issued by LAC public and private agents in the primary market in this eight-year period, a statistically significant “greenium” —the amount by which the yield on a GSSS bond is lower than an otherwise identical conventional bond— was found, evidence of investors’ willingness to accept a lower financial yield in pursuit of a social responsibility agenda.
dc.description.tableOfContentsAbstract .-- I. Financing sustainability: on the origins of the sustainable bond market .-- II. Sustainable bond issuances in Latin America and the Caribbean, 2014–2022 .-- III. The benefits of being sustainable in Latin America and the Caribbean: in search of a greenium .-- IV. Conclusion.
dc.formatTexto
dc.format.extent70 pages.
dc.format.mimetypeapplication/pdf
dc.identifier.unSymbolLC/TS.2023/186
dc.identifier.unSymbolLC/WAS/TS.2023/5
dc.identifier.urihttps://hdl.handle.net/11362/68789
dc.language.isoeng
dc.publisherECLAC
dc.publisher.placeWashington, D.C.
dc.relation.isPartOfSeriesStudies and Perspectives Series (Washington, DC)
dc.relation.isPartOfSeriesNo25
dc.subject.unbisEngSUSTAINABLE DEVELOPMENT
dc.subject.unbisEngDEVELOPMENT FINANCE
dc.subject.unbisEngFINANCIAL INSTRUMENTS
dc.subject.unbisEngBONDS
dc.subject.unbisEngMARKETS
dc.subject.unbisSpaDESARROLLO SOSTENIBLE
dc.subject.unbisSpaFINANCIACION DEL DESARROLLO
dc.subject.unbisSpaINSTRUMENTOS FINANCIEROS
dc.subject.unbisSpaBONOS
dc.subject.unbisSpaMERCADOS
dc.titleSustainable bond issuances in international markets, 2014–2022: characteristics, trends and greenium in Latin America and the Caribbean
dc.type.coarlibro
dc.usergrouppubweb
dspace.entity.typePublication
relation.isAuthorOfPublicationfdd85708-513d-4263-967a-7317541599f3
relation.isAuthorOfPublication4092dfce-e26f-438a-9d81-4ac5506060ae
relation.isAuthorOfPublication.latestForDiscoveryfdd85708-513d-4263-967a-7317541599f3
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