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국회도서관 홈으로 정보검색 소장정보 검색

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Title page 1

Contents 5

Foreword 4

Abbreviations and acronyms 7

Executive summary 8

1. Key policy recommendations 10

2. Trends in the sustainable bond markets 13

2.1. Issuance and outstanding amount 14

2.2. Sustainable bond issuers 23

2.2.1. Corporate sector 23

2.2.2. Official sector 26

2.3. Sustainable standards and taxonomies 26

3. Key issues in the sustainable bond markets 29

3.1. Incentives for investors 30

3.1.1. Sustainability-conscious investors and stakeholders 30

3.1.2. Portfolio management 31

3.1.3. Public policies 32

3.1.4. Stewardship codes 32

3.2. Incentives for issuers 33

3.2.1. The "greenium" in the bond markets 33

3.2.2. Trends in oversubscription 35

3.2.3. Liquidity 36

3.3. Investor protection 38

3.3.1. Second party opinion providers 38

3.3.2. Contracts 39

References 42

Annex A. Methodology for data collection and classification 44

Tables 6

Table 2.1. GSS bonds' use of proceeds, 2015-2024 18

Table 2.2. Key performance indicators in SLBs, 2019-2024 20

Table 2.3. Share of sustainable bonds against all corporate bonds, by industry 25

Figures 5

Figure 2.1. Global sustainable bond issuance by issuer, 2015-2024 15

Figure 2.2. Global outstanding sustainable bonds by issuer 16

Figure 2.3. Global sustainable bond issuance by region, 2015-2024 17

Figure 2.4. Global sustainable bond issuance, by type 18

Figure 2.5. GSS bonds with general purpose use of proceeds 20

Figure 2.6. Short, medium and long-term sustainable bonds 21

Figure 2.7. Value-weighted average maturity 22

Figure 2.8. Callable GSS bonds vs. SLBs, 2015-2024 22

Figure 2.9. Sustainable bond issuance by corporates, 2015-2024 23

Figure 2.10. Relative importance of sustainable bonds against all corporate bonds, 2020‑2024 24

Figure 2.11. Corporate issuance by listed and unlisted issuers during 2023-2024 24

Figure 2.12. Industry distribution of sustainable bonds, 2020-2024 25

Figure 2.13. Sustainable bonds issuance by the official sector 26

Figure 2.14. Sustainable bond issuance following different standards and taxonomies 28

Figure 3.1. Yield to maturity of conventional vs. sustainable bonds, by sector 34

Figure 3.2. Average difference in yield-to-maturity of conventional and sustainable bonds, by currency and domicile 35

Figure 3.3. Yield distribution of conventional vs. sustainable bonds, by sector 35

Figure 3.4. Average oversubscription of green and equivalent conventional bonds 36

Figure 3.5. Bid-ask spread in matched official sector sustainable and conventional bonds 37

Figure 3.6. Bid-ask spread differences between sustainable and conventional corporate bonds 38

Figure 3.7. Sustainable bond issuance with (without) the use of a second party opinion provider 39

Figure 3.8. Maximum coupon rate increase of sustainability-linked bonds 40

Annex Figures 6

Figure A A.1. Bond-specific bid-ask spread time series for the official sector 47

Figure A A.2. Bond-specific bid-ask spread time series for the corporate sector 48