Analiza prinosa zelenih i konvencionalnih obveznica u SAD: Postoji li zelena premija?
Yield analysis of green and conventional bonds in the u.S.: Is there a green premium

Summary/Abstract: The aim of this research is to empirically examine the difference in yields between green and conventional bonds in the U.S. market and to determine the presence of the so-called green premium or discount. The research methodology consists of two phases. The first phase involved analyzing relevant scientific literature from the Web of Science and Scopus databases on green bonds. The second phase focused on the quantitative analysis of the daily movements of the S&P Green Bond Index and the S&P 500 Bond Index over a ten-year period (from May 2015 to May 2025). Descriptive statistics, correlation analysis, the F-test for comparing variances, and the T-test for comparing mean yields were employed. The main findings show a high positive correlation between the yields of the two analyzed indices. Although the average yield of green bonds was slightly lower, statistical tests did not confirm a statistically significant difference in yields. However, green bonds exhibited higher volatility compared to conventional bonds during the observed period. The conclusion is that no significant green premium was found in the U.S. bond market during the analyzed period, suggesting that the market neither rewards nor penalizes green bonds in terms of average yields, while indicating the need for careful consideration of their higher volatility. These findings contribute to a better understanding of the dynamics of the green bond market and the implications for investors and issuers in the context of sustainable finance.

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