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Labeled Bonds Quarterly Market Overview Q2 2023

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Labeled Bonds Quarterly Market Overview Q2 2023

Aug 31, 2023

In our quarterly series dedicated to labeled bonds, we break down the latest issuance trends and the overall market by multiple bond and issuer characteristics to identify key developments in this rapidly growing and increasingly diverse market.

The market added USD 172 billion (net) worth of labeled bonds during the second quarter of 2023, bringing the total outstanding amount to USD 3.2 trillion at the end of the quarter. Looking at issuance trends over the last five years, we estimate full-year issuance for 2023 between USD 0.8 and 1 trillion, subject to market conditions which may be stressed by the possibility of recession in several major economies.

Gross labeled-bond issuance and amount outstanding (last five years and year to date)

The chart shows the muted rise in new labeled-bond issuance in the first half of 2023, along with the more pronounced rise in total outstanding labeled-bond debt over the same period.

Data as of June 30, 2023. SLB = sustainability-linked bonds. Source: Refinitiv, MSCI ESG Research


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Research authors

  • Jakub Malich, Vice President, MSCI Research
  • Anett Husi, Analyst, MSCI Research

Labeled-Bond Issuance and Cost of Debt

Given the rapid growth and increased presence of corporate issuers in the labeled-bond market, we outline the main reasons issuers may choose to issue these instruments.

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Green Bonds and Climate — Towards a Quantitative Method

Participants in the green-bond market have traditionally examined a green bond’s “use of proceeds” to check the legitimacy of these projects and whether the bond was created in line with the Green Bond Principles.

Learn more

Labeled Bonds: Quarterly Market Overview Q1 2023

In our quarterly series dedicated to labeled bonds, we break down the latest issuance trends and the overall market by multiple bond and issuer characteristics to identify key developments in this rapidly growing and increasingly diverse market.

Explore more
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