{"query_echo":{"q":"","filters":{"analysis_type":["financial performance assessment"]},"warnings":[{"code":"facet_value_not_in_vocabulary","message":"Value 'financial performance assessment' for facet 'analysis_type' is not in the controlled vocabulary."}]},"total":{"value":1,"relation":"eq"},"page":1,"page_size":20,"self":"https://climateinsightsdirectory.org/api/v1/search?analysis_type=financial+performance+assessment","stability":"beta","ai_marking":{"digital_source_type":{"uri":"http://cv.iptc.org/newscodes/digitalsourcetype/trainedAlgorithmicMedia","name":"Created using Generative AI"},"notice":"Summary and key insights are generated using artificial intelligence."},"results":[{"id":"clibonds-001011","url":"https://climateinsightsdirectory.org/document/clibonds-001011","title":"Green Bond Pricing in the Primary Market: July - December 2018","publisher":{"name":"Climate Bonds Initiative","organization":"climate-bonds-initiative"},"document_type":"report","language":"en","date_published":"2019-05","source_url":"https://www.climatebonds.net/files/documents/publications/Green-bond-pricing-in-the-primary-market-July-December-2018.pdf","generator":"Climate Insights Directory","generated_fields":["summary","key_insights","climate_tags","geography_discussed","analysis_type"],"summary":{"text":"The report analyzes 34 benchmark-sized green bonds issued between July and December 2018. It finds that EUR green bonds generally achieved higher oversubscription and better secondary market performance than vanilla equivalents, while USD green bonds showed more muted demand. Only two bonds exhibited a 'greenium' (pricing inside their yield curve). The report also highlights China as the largest emerging market source of green bonds and explores the potential for green bonds to provide downside risk protection during market volatility.","ai_generated":true,"unit":"clibonds-001011#summary","date_modified":"2026-10-23"},"key_insights":[{"text":"In the second half of 2018, EUR green bonds generally saw higher demand than vanilla equivalents, with an average oversubscription of 2.6x compared to 2.1x for vanilla bonds. Conversely, USD green bonds were slightly less oversubscribed at 1.9x compared to 2.0x for vanilla bonds.","ai_generated":true,"unit":"clibonds-001011#insight-1","date_modified":"2026-10-23"},{"text":"Spread compression during the book-building process was similar for green and vanilla bonds in USD (both averaging -11bp), while EUR green bonds achieved slightly lower average spread compression (-10bp) than vanilla equivalents (-11bp).","ai_generated":true,"unit":"clibonds-001011#insight-2","date_modified":"2026-10-23"},{"text":"A majority of the funds raised from the sampled green bonds were allocated to investors who identified as green or socially responsible, accounting for 53% of the total. This allocation was significantly higher for EUR-denominated bonds (60%) than for USD-denominated bonds (33%).","ai_generated":true,"unit":"clibonds-001011#insight-3","date_modified":"2026-10-23"},{"text":"Most green bonds priced with a traditional new issue premium or on their yield curves; only two EUR-denominated bonds, Terna Elettrica 2023 and EIB 2026, exhibited a 'greenium' (pricing inside the yield curve).","ai_generated":true,"unit":"clibonds-001011#insight-4","date_modified":"2026-10-23"},{"text":"Immediate secondary market performance was stronger for EUR green bonds. After 28 days, 67% of all sampled green bonds tightened more than their matched indices, though USD green bonds generally tightened by a lesser magnitude than their vanilla baskets.","ai_generated":true,"unit":"clibonds-001011#insight-5","date_modified":"2026-10-23"},{"text":"China is identified as the largest source of emerging market green bonds. Between January 2016 and 2018, Chinese entities issued USD 76bn of green bonds aligned with the Climate Bonds Taxonomy, with 74% of these denominated in Chinese Renminbi (CNY).","ai_generated":true,"unit":"clibonds-001011#insight-6","date_modified":"2026-10-23"},{"text":"Analysis by Jason Mortimer suggests that green bonds may offer downside risk protection during market stress. During the May 2018 Italian election volatility, green bonds from the same issuers outperformed vanilla bonds by an average of 1.5 bp, with the strongest effect seen in Italian companies like Enel SpA and Intesa SanPaolo SpA.","ai_generated":true,"unit":"clibonds-001011#insight-7","date_modified":"2026-10-23"}],"climate_tags":["climate bond","climate finance"],"geography_discussed":["People's Republic of China","Italy","Ireland","South Korea","India"],"frame_perspective":[],"analysis_type":["market analysis","comparative study","financial performance assessment"]}]}