Independent research · climate finance & fixed income Updated today · v1.3
Greenspread·India
Research preview · sample data

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.

Current Indian Greenium
−3.6 bps

Four-week rolling estimate from matched sovereign pairs.

Bonds Tracked
20

Across 10 matched green–conventional pairs in five markets.

Last Updated
Today

Latest market refresh from the live backend.

Flagship estimate

The rolling Indian greenium.

Basis points. Green yield minus matched conventional yield. Lower values imply a stronger greenium.

Worked example
A matched pair

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.

Conventional
India G-Sec, 10y
IN 7.18 — 25 Jan 2034
Yield
7.178%

A standard sovereign bond, with no use-of-proceeds restriction.

Green · same issuer, same tenor
India SGrB, 10y
IN 7.10 — 25 Jan 2034 · GREEN
Yield
7.142%

Proceeds earmarked for solar, wind, clean transit, and water projects.

The gap
The greenium
7.142 − 7.178
Difference
−3.6bps

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.

Dashboard
Bond explorer

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.

Country
Issuer type
Tenor at issue
Years  2023–2026
Sample data (model)
Pair view

Green-bond yield drawn solid green; the matched conventional benchmark dashed blue. Hover to read the spread.

Rolling estimate

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.

Pairs table

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.

Cross-country
In context

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.

Methodology
In short

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.

Regression specification

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.

yi,t = α + β · Greeni + γ · Xi,t + μτ + δt + εi,t
TermEstimate (bp)Std. errort-statp-value
Green dummy  β̂−3.600.76−4.71< 0.001
Tenor (yrs)+0.120.043.020.003
Bid–ask (bp)+0.840.184.66< 0.001
Coupon (%)−0.070.05−1.410.16

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.

Open data
Files

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

isinSecurity identifier.
issuerBond issuer name.
issuer_typeSovereign, agency, supranational, or corporate.
label"green" or "conventional".
spread_bpsGreen yield minus conventional yield, basis points.
rolling_greenium_bpsFour-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/marketLive NIFTY · SENSEX · NSE G-Sec
GET /api/datasetFull weekly dataset (JSON)
GET /api/pairsOne row per matched pair
GET /api/export/weekly.csvDataset as CSV
About
The project

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.