Department of Finance and Cbonds Joint Workshop "ESG and the Bond Market: Profitability, Data and Market Transformation"

On April 28, 2026, a joint online seminar of the research group of the HSE - St. Petersburg Department of Finance and Cbonds was held on the topic "ESG and the bond market: profitability, data and market transformation." The seminar was devoted to discussing how the issuer's ESG characteristics affect the cost of borrowing and investment decisions in modern market conditions. The discussion was based on materials prepared by Candidate of Economics, Associate Professor I.Y. Churakova.

The seminar focused on several interrelated issues. The participants discussed whether the greenium effect persists in different markets and economic regimes, which ESG data is actually available to analysts, and how limitations in the quality and comparability of this data affect pricing and the quality of market analytics. Special attention was paid to the role of ESG signals in risk interpretation, the problem of greenwashing and the prospects for the development of the ESG segment in emerging markets.

In terms of content, the seminar was directly related to the department's research agenda, dedicated to the analysis of ESG disclosures, news and corporate events and their impact on financial markets. The discussion of the ESG bond market made it possible to expand this agenda towards the debt market, the interpretation of bond yields, credit risk assessment, and an analysis of how the issuer's information and non-financial characteristics can be reflected in the market parameters of financial instruments.

Both general and more applied subjects were presented during the seminar. The main types of ESG bonds — green, social, sustainable development, transitional, blue and climate bonds - were considered separately, as well as the dynamics of the structure of this segment in 2019-2025. According to the seminar materials, the global ESG bond market continues to grow, while the Russian market still occupies a relatively small share in the total volume of bond placements, although it forms its own specifics. Investor demand, differences in perceived default risk, cost of capital, and regulatory requirements were discussed among the key mechanisms influencing ESG bond yields.

A special place in the discussion was occupied by the conclusions of the academic literature and observations on the Russian market. The seminar materials emphasised that in developed markets, ESG criteria may be associated with a reduction in credit risk and a decrease in required profitability, but the greenium effect itself is not universal and depends on market conditions, the characteristics of the issuer and a specific issue. For the Russian market, it was noted that it is at the stage of further formation, and its dynamics is determined not only by the ESG agenda as such, but also by broader macroeconomic and financial conditions.

 

The joint workshop of department and Cbonds became a platform for discussing an important area of modern financial research at the intersection of sustainable finance, debt markets and data analysis. It allowed us to combine the academic view of ESG bonds with an applied market perspective and identify a range of issues that require further study: from the quality of ESG data and the reliability of issue labeling to mechanisms for generating returns and assessing risks in emerging markets.