Effects of ESG performance and sustainability disclosure on GSS bonds’ yields and spreads: A global analysis

Abstract

Considering a sample of 3,960 GSS bonds, this study investigates the effects of the issuer’s ESG performance on both the issue-specific yield and its spread vis-à-vis a sovereign comparable. The findings highlight that a greater commitment to the sustainable transition is a winning strategy, for a company, to reduce the cost of debt for future projects. While the risk-reducing power of ESG performance does not appear to differ based on a divide between advanced economies and emerging markets, we find that the real enabler of curbing the unexplained portion of risk is a detailed disclosure on the use of proceeds.

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