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Labeled Bonds: Quarterly Market Overview Q4 2023

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Labeled Bonds: Quarterly Market Overview Q4 2023

Feb 21, 2024

In our quarterly series dedicated to green, social, sustainability and sustainability-linked labeled bonds, we break down the market by multiple bond and issuer characteristics to identify key trends in this rapidly growing and increasingly diverse market.

The market added USD 85 billion (net) of labeled bonds during the fourth quarter of 2023, bringing the total outstanding to USD 3.4 trillion at year-end. Relatively low issuance over the quarter resulted in full-year issuance landing at the same level as in the previous year (USD 0.74 trillion). Nevertheless, labeled bonds increased their presence in global-bond benchmarks throughout 2023.

Gross issuance and amount outstanding (last five years)

Gross issuance and amount outstanding

Data as of Dec. 29, 2023. “SLB” stands for 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

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Labeled-Bond Issuance and Cost of Debt

We explore three reasons why issuers typically issue labeled bonds: financing impact projects, financing their own environmental goals and building rapport with sustainability-oriented stakeholders. Have these issuers also enjoyed lower debt costs?

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