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The green bond markets in Norway and Sweden : exploring the differences between the two markets

Sjøstedt, Kristin Andrea Øberg; Parow, Sofie
Master thesis
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URI
https://hdl.handle.net/11250/2645253
Date
2019
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  • Master Thesis [3258]
Abstract
This study explores the differences between the green bond markets of Norway and Sweden

in an attempt to shed light on the markets’ distinct evolution. First, the existence of

green bond yield premiums in the primary and secondary capital markets is investigated.

The primary market analysis finds a negative issue yield premium for green bonds in

Sweden and a positive issue yield premium for green bonds in Norway, although none

of them significant. Furthermore, the issue yield premium is discovered to have varied

considerably over time. The secondary market analysis finds a significant negative ask

yield premium for green bonds in Sweden and a significant positive ask yield premium for

green bonds in Norway, providing evidence that Swedish secondary market investors have

a higher demand for green bonds. The analysis further uncovers that issuer credibility

plays an important role in green bond issuance, with bonds from governmental entities

having negative premiums in both markets. The largest differences in premiums between

the markets are found in the corporate sector. The final analysis of this thesis investigates

whether these results can be explained by differences in Green Focus between companies in

the two markets, where Green Focus is measured by the amount of sustainability related

words in the companies’ annual reports. The main finding is that companies who have

issued green bonds in Sweden have a higher Green Focus than such companies in Norway,

which is consistent with the results of the primary and secondary market analyses and

with the growth in the Swedish green bond market.

Keywords – Green bonds, Green bond premium, Textual analysis, Norway, Sweden,

Master thesis

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