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Everybody wants to be green, but who wants to pay?: A Interview Study Understanding The Green Bond Market From An Issuers Perspective
Södertörn University, School of Social Sciences, Business Studies.
2017 (English)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

Background: The current global warming trend is seen to be abnormal and scientists have agreed on that the net zero greenhouse gas emission will become a key objective. Financing this green transmission brings major challenges for the financial industry. Since the first green bond was issued in 2008, the asset class has been considered as an important tool raising capital for green projects. The green bond itself does not differ from an ordinary bond except the raised capital gets earmark for investments in climate change adaptations and emission reduction. The trend has spread to the corporate bond market making the Swedish green bond market grow rapidly since the first corporate green bond was issued in 2013.

Purpose: The purpose of the thesis is to examine the rapidly growing Swedish green bond market from an issuers perspective. The study aims to clarify drivers behind issuers decision to enter the market and if the green bonds have become a new way for companies to window dress their sustainability efforts. 

Completion: The study has conducted a pilot study interviewing Tobias Lindbergh, Head of Sustainable Finance, Fredrik von Platen from Debt Capital Markets and Karl Ekholm, Syndicate desk, all employed at Svenska Handelsbanken AB.

Further, the study presents qualitative interviews with the following seven corporate, or quasi-governmental green bond issuers; Atrium Ljungberg, Fabege, Fortum Värme, Humlegården, Rikshem, Sveaskog and SBAB Bank. The results are presented and analysed in relation to the underlying theory of pricing of green bonds, greenwashing and decupling.

Conclusion: The issuing of green bonds has been considered to be a natural next step in well-established sustainable business models including a corporates financial strategies and funding. The green bond is considered to be a part of brand building and provide an additional communication channel displaying sustainable business models to the market and external stakeholders. The fundamental borrowing requirement and the need for strong underlying green cash flows seem to be too big to provide a basis to consciously act green through issuing of green bonds. The majority of the respondents have managed to borrow at lower spreads through their green bonds.

Place, publisher, year, edition, pages
2017. , p. 50
Keywords [en]
Green Bonds, Corporate Bonds, Sustainability, Greenwashing, Debt Capital Markets
National Category
Business Administration
Identifiers
URN: urn:nbn:se:sh:diva-34701OAI: oai:DiVA.org:sh-34701DiVA, id: diva2:1187121
Subject / course
Business Studies
Uppsok
Social and Behavioural Science, Law
Supervisors
Examiners
Available from: 2018-03-02 Created: 2018-03-02 Last updated: 2018-03-02Bibliographically approved

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CiteExportLink to record
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Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
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  • nn-NO
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More languages
Output format
  • html
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  • asciidoc
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