Oceňování 2025, 18(2):43-54 | DOI: 10.18267/j.ocenovani.303

Green Bonds – does green financing bring economic benefits? An introductory analysis on selected European data

Petr Jablonský, František Poborský
Katedra financí a oceňování podniku Fakulty financí a účetnictví VŠE v Praze

This article analyzes the economic benefits of green bonds issued by European issuers by examining their yields compared to conventional bonds, taking into account ESG factors. The analysis is based on comparing the adjusted z-spread in individual groups of bonds with a Baa1 rating. Our results show that green bonds can provide a price advantage for longer maturities, which indicates longer-term economic effects of ESG factors. We also find that the environmental score has an impact on the size of z-spreads (directly proportional), especially for shorter maturities.

Keywords: Green Financing; Green Bonds; Relationship between bond yields and their environmental rating.
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Článek je zpracován jako jeden z výstupů výzkumného projektu Fakulty financí a účetnictví VŠE Praha, který je realizován v rámci institucionální podpory VŠE IP100040

JEL classification: G30

Published: January 12, 2026  Show citation

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Jablonský, P., & Poborský, F. (2025). Green Bonds – does green financing bring economic benefits? An introductory analysis on selected European data. Oceňování, 18(2), 43-54. doi: 10.18267/j.ocenovani.303
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