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Friday Lunch Meeting, Olivier David Zerbib, June 8th 2018

8 June 2018 @ 12 h 30 min - 14 h 00 min

Olivier David Zerbib is a doctoral student in finance at the University of Tilburg and ISFA and head of financial research at I Care & Consult. His doctorate focuses in particular on the issues of asset valuation in sustainable and environmental finance.

▶ Find Olivier David Zerbib’s working paper : 

Is There a Green Bond Premium? The yield differential between green and conventional bonds


The article examines the yield (or the cost of financing, seen from the perspective of the issuer) of the green bonds. We use a matching method, followed by a two-step regression, to estimate the yield differential between a green bond and a synthetic bond in exactly the same way, between July 2013 and December 2017.

The yield on green bonds is on average 2 basis points lower than that of a conventional secondary market bond for the total sample, as well as for bonds issued in Euro and US Dollars.

We show that the main determinants of this premium are the credit rating of the issuer and the type of issuer: the negative premium is even more pronounced for bonds issued by financial institutions and for bonds with a low rating. . The results thus suggest an investor preference for green bonds which results in a slight emission deficiency compared to demand in several market segments.

Regulatory measures could therefore help to fuel the flow of green bond issuance and thus support the financing of environmental transition.

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Climate Economics Chair

Palais Brongniart, 28 Place de la Bourse – 75 002 Paris


8 June 2018
12 h 30 - 14 h 00
Event Category:


Chaire Economie du Climat
01 73 01 93 42