Green Bond Insights Themes from the road, themes from the data

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Green Bond Insights Themes from the road, themes from the data

17 June 2026

Green Bond Insights FixedGlobal Income

Themes from the road, themes from the data

◆ Despite everything, green bonds are still growing, with

investors valuing labels even if they don’t strictly need them

◆ Regulation may be complex but can help validate investors’

approaches, with investors constructive on the EuGBS

◆ Labelled bonds show demand in primary, while SLBs have

only partly been replaced by other labelled bonds

Dominic Kini

Five themes from the road… Green Bond & Credit Strategist

Listening to feedback from investors this year, we draw out five themes in this report. HSBC Bank plc

dominic.kini@hsbcib.com

+44 20 7991 5599

1. Green bonds are still growing. For all that issuer analysis comes before labels and

many investors claim to be agnostic about labels, labels help evidence purpose and

improve disclosure and engagement, and green bonds are favoured by regulation.

2. Regulation is both a headwind and a tailwind. Investors find regulation complex,

but regulatory standards can help to validate investors’ approaches, and investors

are constructive on the EU Green Bond Standard (EuGBS).

3. Sustainability-linked bonds (SLBs) are struggling with supply, down every year

since 2021. Investors are not inherently opposed to SLBs, but prefer green bonds

and their link to projects.

4. Transition finance is much discussed but hard to do. Investors want issuers to

have levers and not just ambition, with limited appetite for transition bonds so far.

5. Even investors willing to fund defence don’t see it as a sustainable activity, while

nuclear power is getting funded in the green bond market.

…and five themes from the data