Анализ на възможностите и предизвикателствата пред формирането на дългов пазар за устойчивост в България

Автори:
Страници: 45-61

Резюме:

The review of the state of the sustainability debt market on the European continent shows that Bulgaria is one of the few countries that has yet to issue green and other thematic bonds, commonly known as GSS+ bonds. At the same time, reports in specialized information sources indicate the future launch of green and other similar debt securities. This study aims to assess the willingness and readiness of potential issuers and investors to lay the foundation for a sustainable debt market in Bulgaria. Methodologically, the research is based on survey studies conducted among relevant stakeholders, specifically their executives and/or competent officials: (1) the Ministry of Finance and other ministries regarding the potential issuance of sovereign GSS+ bonds; (2) economically developed municipalities in Bulgaria as potential issuers of sub-sovereign GSS+ bonds; (3) potential corporate issuers, including publicly traded companies, firms with listed bonds, and large private joint-stock companies; and (4) potential investors such as insurance companies, pension funds, and individual and institutional portfolio managers. The results of the analysis of all surveys show that there is interest in Bulgaria, but sufficient conditions have not yet been created for the functioning of a segment of green and other bonds for sustainability. The reasons are complex, but the political vacuum that has emerged in recent years and its impact on the necessary regulatory changes and strategic vision should not be ignored. Nevertheless, the study confirms the importance of the sovereign and sub-sovereign segment for the creation and eventual development of the GSS+ bond market in our country

Ключови думи:

GSS+ bonds; green bonds; sustainable debt market; social bonds; sustainability bonds.

Изтегляне