Sustainable bonds : trends and policy recommendations

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      <subfield code="a">Foreword -- Abbreviations and acronyms -- Executive summary -- Key policy recommendations -- Trends in the sustainable bond markets -- Key issues in the sustainable bond markets -- References -- Annex A. Methodology for data collection and classification</subfield>
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      <subfield code="a">The report analyses global sustainable bond markets, distinguishing use-of-proceeds instruments (green, social, sustainability) and sustainability-linked bonds. It documents sharp growth since 2015, with Europe leading issuance, green bonds dominating volumes, and SLB issuance peaking in 2021 then declining. It examines use of proceeds (notably energy, buildings, social spending), maturities, call features, and the prevalence of second party opinions. Empirical analysis finds no systematic greenium, though green bonds tend to be slightly more oversubscribed and sustainable bonds somewhat less liquid than conventional peers. Investor motivations include sustainability preferences, portfolio considerations, and policy incentives; issuer considerations include investor demand and reputational benefits. Policy recommendations focus on interoperability of standards and taxonomies, reliable disclosure, treatment of refinancing, oversight of second party opinion providers, and stewardship guidance for SLBs.</subfield>
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