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Carbon intensity disclosure and corporate credit spreadsNARA Subscribed
We examine the link between carbon intensity and US corporate bond spreads in a sample of disclosing companies before and after 2020. We find a consistent discount among high-intensity companies of approximately 11 bps prior to 2020 compared to companies with median carbon intensity. From 2020 to 2022, the discount increases to 16 basis points for A-rated bonds, while it turns insignificant for BBB-rated bonds. For A-rated bon...
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