The aim of this study is to analyze and compare risk, volatility, yields as well as prices of green bonds, and whether they differ given certification or third party evaluation. The study bases its theoretical standpoint on bond risk, volatility and yield from a standpoint of the Merton as well as Jarrow & Turnbull models, as well as previous studies in the field. With a deductive approach, this study uses a multiple regression analysis, a quantitative method. This study has analyzed 24 green bonds issued between 2018-2020, out of a basis of 301 green bonds. No statistically verified differences were found in volatility, pricing or yield spread between certified and uncertified green bonds, however interesting indications of differences in volatility between regions, and an indication that issue size can affect yield.

La presente investigación tiene como objetivo determinar el comportamiento del rendimiento (yield) de los bonos verdes y bonos convencionales que nos llevarán a realizar conclusiones y recomendaciones a los diferentes agentes del mercado financiero. Para ello, se hizo una segmentación del universo de bonos verdes por el tipo de maduración al vencimiento, tipo de cupón fijo, calificación con grado de inversión y tipo de moneda lo que nos permitirá realizar las curvas de rendimiento y hacer las comparaciones pertinentes. Asimismo, se ha desarrollado el análisis de mercado y las razones detrás del uso de esta herramienta y los beneficios. Como herramienta clave para esta investigación se ha utilizado la plataforma Bloomberg además de fuente bibliográfica especializada. De los resultados de la investigación, se concluye que la moneda de dólares sigue siendo predominante en este tipo de instrumentos financieros, que el potencial América Latina aún es muy grande en comparación con mercados más maduros como Estados Unidos y en Europa, que los sectores financieros son los principales emisores y que en la mayoría de los segmentos analizados, la curva de rendimiento de los bonos verdes es cercana al del bono convencional o mayor en duraciones menores de 7 años. / This research aims to determine the yield’s behaviour for the green and conventional bonds which leads to conclusions and recommendations for key stakeholders in the capital market. For that purpose, a segmentation of these bonds was done by criteria as maturity, fixed bullet coupon, investment grade and currency in order to graph both curves and make comparisons. Additionally, a market analysis has been developed which includes green bonds benefits and strengths. Bloomberg platform and specialized sources have been the key tools that support this research.   In conclusion, the analysis allowed us to determine that dollar has preference in this market, LATAM Capital Market has still a gap in comparison with other mature economies like USA and Europe and financial entities are the main issuers for green bonds. Finally, as a result of the segmentation, green bond’s yield tends to be equal or has better performance in comparison with conventional bonds in less than seven years duration. / Tesis