Issuing environmentally aligned green bonds has become an increasingly popular way to raise capital for green investments during the last decade. This thesis explores potential pricing differences between green and conventional bonds, known as the green premium, on the Swedish secondary bond market. Prior green bond research is inconclusive regarding the direction, size and even existence of such a premium. By creating a sample of 50 matched pairs of green and conventional bonds, we show an average positive green premium of 10 bps on the Swedish market, indicating that Swedish green bonds trade at higher yields than their conventional counterparts. We also study whether the size of the green premium is affected by credit ratings and third-party green certification but find no evidence of such effects. Overall, the results from this thesis add to current green bond research by showing a positive green premium, but the lack of shown effects from credit ratings and green certification indicate that further study is needed to fully understand the pricing mechanisms of green bonds.

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Fastighetsmarknaden är en högt bidragen faktor till klimatkrisen. Grön finansiering och statliga stödprogram, som det tidigare investeringsstödet och dess miljöbonus, har gjort det förmånligt att producera- och investera i Miljöcertifierade bostadsfastigheter. Vidare finns krav på hållbarhet från bostadsfastighetsaktörernas finansiella investerare. Med andra ord finns det idag en efterfrågan att investera i hållbara fastigheter. En hållbar kvalitetsstämpel som finns är miljöcertifieringar. Rapporten syftar att undersöka hur investerarna resonerar kring en grön premie för nyproducerade bostadsfastigheter med en miljöcertifiering på den svenska marknaden. Med en grön premie syftar rapporten till förmånliga skillnader för bostadsfastigheternas hyresnivåer, drift- och underhållskostnader, direktavkastningskrav samt priserna vid en transaktion. Rapporten kartlägger även den gröna premiens utveckling över tid på den svenska marknaden. En kvalitativ metod används genom en semistrukturerad intervjustudie med respondenter från fem olika aktörer marknaden. Resultatet visar att investerarna på marknaden anser att det finns mervärden med miljöcertifiering, både när det gäller finansiella fördelar samt skillnader för faktorer som bland annat antalet intressenter för en fastighet samt direktavkastningskravet, det sistnämnda är dock väldigt svårt att kvantifiera. Skillnaden i antalet intressenter gör också att grundläggande ekonomisk teori om utbud och efterfrågan används, vilken antyder att det finns en premie för priset då fastigheten är miljöcertifierad. / The real estate market is a highly contributing factor to the climate crisis. Green financing and governmental support programs, such as the previous investment support program and its environmentally based bonuses, have made it advantageous to produce and invest in certified green residential properties. Furthermore, the financial investors demand a higher degree of sustainability. In other words, there is a demand to invest in sustainable real estate. A grade in sustainability is accessed through green certifications. The report aims to examine what the real estate investors think about the existence of a green premium for newly produced residential properties with a green certification on the Swedish market. A green premium is considered throughout the report as favorable differences in the property rent levels, operating and maintenance costs, yield and transaction prices. The report also maps the development of the green premium in the Swedish market over time. A qualitative method is used through a semi-structured interview study with respondents from five different actors on the real estate market. The results show that real estate investors believe that there is value premium associated with a green certification, both in terms of financial benefits and favorable differences regarding factors such as the number of potential buyers and yield, though the latter is very difficult to quantify. The differences in the number of potential buyers resulted in further usage of the basic economic theory of supply and demand, which suggests that there is a premium for the transaction prices in case of the property being certified green.