Motivation: The interest in sustainable, socially, environmentally and climatically stable development of the economy is growing. At the same time, issuers and investors are looking for financial instruments with which they can achieve their investment goals. The idea of the green bond market is to develop debt instruments in financing projects contributing to ecologically sustainable development, which should have a direct impact on the development of technologies and practices in the area of resource use that contribute to limiting adverse climate change. Bonds for financing or refinancing renewable energy sources and increasing energy efficiency are seen as a natural part of the transformation of the global economy. Aim: The purpose of the article is to present an analysis and goals of green bond market in Europe based on currency of issue, geographic structure, issue period, sectors and issue targets as well as major stock exchanges on which green bonds are listed. Results: Relevant data on the green bond market in Europe was analyzed and the objectives of issuing green debt finance in particular sectors by number of emission were identified. It was verified that green bonds, which are listed only on one stock exchange, mainly the Scandinavian one, have a lower average value of the issue.

<p><strong>Theoretical background</strong>: The increase in the issuance of Eurobonds by the issuers from Central and Eastern Europe has become a reason for considering the impact of the issuer’s creditworthiness assessment on the interest rate of the coupon of the issued debt instruments.</p><p><strong>Purpose of the article</strong>: The aim of the study was to assess whether having a creditworthiness assessment from more than one agency affects the interest rate on the Eurobond coupon. This objective was achieved through the process of analysis of the ratings assigned by the rating agencies. Based on the analysis of the literature and the available data, the research hypothesis was developed and verified in an empirical study. The results were analyzed in the discussion section.</p><p><strong>Research methods</strong>: The credit ratings for the Eurobonds corporate and government issuers, announced on the issue date, have been analyzed. The analysis covered the fixed interest rate debt instruments issued in EUR in the years 2005–2020 (the first half of the year). The empirical research was carried out using the observation method, the analysis of source documents, and the method of deduction.</p><p><strong>Main findings</strong>: The results of the conducted research indicate that the coupon rate is not affected by the number of ratings given to the issuer. Due to the fact that the lowest average coupon interest in 2005–2020 was held by Eurobonds of the issuers with one credit rating, there is no need for an additional creditworthiness assessment by other agencies, and for any additional costs to be incurred by the issuer. It is one of the few studies on the Central and Eastern Europe market of which the author is aware.</p>

No abstract

The aim of this article is to assess whether having a creditworthiness assessment from more than one credit rating agency by issuers of ESG debt instruments affects the number of issues and the average amount issued. The empirical research was carried out using the observation method and the analysis of source documents. In the analysed period, 53.38% of issuers received ratings at least from one CRAs as S&P, Moody’s, and Fitch. The results of the conducted research indicate that the number of ESG debt instruments and the average issue amount were affected by the number of ratings given to the issuer. A database collected from Refinitiv Eikon for the period between 2012 and 2021 allows us to conclude that it is enough to have two credit ratings. The conclusions of this study can be used in the process of obtaining financing for ESG projects.