What makes a sovereign green bond a benchmark?
Looking beyond the green label to issuance design and repeated accumulation.
THE CONTEXT
Start with the question.
Securities issued by the same sovereign may share credit risk and similar pricing while developing different market roles. I investigated how issuance and reopening patterns contribute to the accumulation of benchmark scale.
THE WORK
Make the steps explicit.
I built and analysed an original issuance-event panel for Canadian government bonds, comparing accumulation paths across maturities and examining the green-bond evidence. The work is documented in a conference poster prepared for IOCRF 2026.
- Define the relevant benchmark role
- Examine programme and issuance design
- Compare institutional mechanisms across cases
THE RESULT
What the work supports.
The research distinguishes relative accumulation from absolute issuance scale. It documents maturity differences and more limited absolute green-bond scale in the descriptive evidence. The poster is available below; a companion proceedings manuscript has been prepared.
SCOPE & EVIDENCE
Where the conclusion ends.
These are descriptive findings, not identified causal effects. The green regression comparison contains only one green bond line and six issuance events. The manuscript is not yet published; a publication link will be added when available.
RESEARCH OUTPUTS
IOCRF 2026 conference poster
Poster prepared for the online conference on 2–4 November 2026. The companion proceedings manuscript is not yet published.
View poster PDFInterested in this question?
Let’s talk about the work