Supply of corporate debt labeled 'green' bonds from big U.S. companies soars 73% in 2021

Supply of new green bonds from U.S. investment-grade companies jumped 73% in 2021 from a year ago to $84 billion, according to BofA Global.

BofA estimated that borrowing costs for U.S. investment-grade companies LQD, -0.45% issuing green bonds in the past four years also were 2.4 basis points tighter, or lower, than bonds issued without a label, making it increasingly advantageous for big businesses to issue this type of debt.

However, labeling for green, or other ESG, bonds remains in the early stages in the U.S., making it difficult to readily identified such debt in the secondary market, where bonds trade after they initially are marketed and sold to investors. Investment-grade bond spreads, like other parts of the credit market, have narrowed with global yields after nearly two years of accommodative central bank policies, which now have begun to tighten.

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