Measuring the greenium in India's sovereign green bonds.
A greenium is the small yield gap between a green bond and a closely matched conventional one from the same issuer. A negative gap means investors accept a lower return in exchange for the climate label — a quiet price they place on the promise.
Four-week rolling estimate from matched sovereign pairs.
Across 10 matched green–conventional pairs in five markets.
Latest market refresh from the live backend.
The rolling Indian greenium.
Basis points. Green yield minus matched conventional yield. Lower values imply a stronger greenium.
What the greenium actually looks like.
The same issuer, the same tenor, a different label. The price of the promise is the difference between the two yields.
A standard sovereign bond, with no use-of-proceeds restriction.
Proceeds earmarked for solar, wind, clean transit, and water projects.
Investors accept 3.6 basis points less yield for the climate label on this bond.
Latest model observation, today · live market context from NSE where available.
Matched pairs, filtered at the bond level.
Tick a filter and every chart, table, and export re-draws from the same rows. Click a table row to load that pair; click a column header to sort.
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Green-bond yield drawn solid green; the matched conventional benchmark dashed blue. Hover to read the spread.
Greenium, with 90-day median
The zero line is drawn because the estimate can cross it — and for two of the Indian corporate pairs, it does.
One row per matched pair
| ISIN | Issuer | Country | Coupon | Maturity | Rating | Spread (bp) | Δ 30d |
|---|
Latest observation per pair within the current filter · negative spread = green trades richer.
Smaller than Germany. Bigger than Britain.
The average sovereign greenium at the 10-year tenor across selected European programmes and India.
90-day average; 10y sovereign; sources: ECB SDW, BoE, AFT, RBI; authors' calculations.
How the greenium is estimated.
Three steps. Each is documented in the replication notebook with the corresponding code cell numbered to match.
1 Match pairs
For each green bond, the pipeline finds the closest conventional issue from the same sovereign — within ±9 months on tenor and ±100 bps on coupon.
2 Fit a curve
A Nelson–Siegel–Svensson zero curve is fit daily to the conventional universe. The greenium is the residual on green bonds after the fit.
3 Estimate the discount
A fixed-effects panel regression of the daily spread on a green dummy, with controls for tenor, coupon, two liquidity proxies, and macro rates. Standard errors are double-clustered by ISIN and date.
| Term | Estimate (bp) | Std. error | t-stat | p-value |
|---|---|---|---|---|
| Green dummy β̂ | −3.60 | 0.76 | −4.71 | < 0.001 |
| Tenor (yrs) | +0.12 | 0.04 | 3.02 | 0.003 |
| Bid–ask (bp) | +0.84 | 0.18 | 4.66 | < 0.001 |
| Coupon (%) | −0.07 | 0.05 | −1.41 | 0.16 |
n = 412 · adj. R² = 0.74 · cluster: ISIN × date.
Limitations
Indian corporate bond trading can be thin. Reported yields may not reflect executable prices, and maturity matching does not fully control for duration or liquidity. The figures in this preview are illustrative and built on sample data.
Download the dataset and code.
Daily clean prices, yields, and identifiers for every sovereign green bond in coverage. Released under CC-BY-4.0.
Data dictionary
| isin | Security identifier. |
|---|---|
| issuer | Bond issuer name. |
| issuer_type | Sovereign, agency, supranational, or corporate. |
| label | "green" or "conventional". |
| spread_bps | Green yield minus conventional yield, basis points. |
| rolling_greenium_bps | Four-week rolling average of country-level spread. |
Sources
- RBI press releases & market data.
- NSE and BSE listed debt disclosures.
- Climate Bonds Initiative taxonomy.
- ECB SDW; BoE statistical bulletin; AFT.
- Issuer green bond frameworks & allocation reports.
Live API
Run the bundled Node backend (backend/) to serve this page with live NSE/BSE market context and a JSON/CSV API. When detected, the header shows a live ticker and the dashboard pill turns green.
| GET /api/market | Live NIFTY · SENSEX · NSE G-Sec |
|---|---|
| GET /api/dataset | Full weekly dataset (JSON) |
| GET /api/pairs | One row per matched pair |
| GET /api/export/weekly.csv | Dataset as CSV |
My research project on green bond pricing.
Greenspread India is an independent research project that measures and publishes the greenium on India's sovereign green bonds — and compares it against the most active green sovereign programmes in Europe. The methodology, code, and underlying data are open and reviewable.
I maintain this project out of an interest in climate finance, fixed-income markets, and open datasets. The dashboard is intended to make the method explainable while the live dataset is assembled from primary market disclosures.