Borrás Pala, Francisco García-Arévalo, Ignacio Universidad Pontificia Comillas, Facultad de Empresariales (ICADE) 2026-06-05T06:28:48Z 2026-06-05T06:28:48Z 2025 http://hdl.handle.net/11531/110477 Grado en Administración y Dirección de Empresas Mención Internacional (E-4) This bachelor thesis investigates the impact of sustainability bonds on the financing strategies of German banks, with a particular focus on social and green bonds, as well as their sustainability, pricing effects, and integration into long-term funding portfolios. As environmental and social concerns increasingly influence capital markets, green and social bonds have emerged as key instruments for aligning financial and sustainability objectives. The research adopts a theory-grounded and data-informed approach, combining a literature review with an empirical analysis of outstanding green and social bonds issued by German banking institutions between 2015 and 2024. Data was sourced from Bloomberg and includes detailed issuance characteristics such as maturity, coupon, and issuer type. The thesis examines whether these instruments offer pricing advantages—often referred to as a “greenium”—and how they differ from conventional bonds in structure and investor demand. Findings reveal that green bonds have become a viable and moderately cost-effective financing tool for German banks, particularly for development banks and public institutions such as KfW and NRW.Bank. The presence of a small but consistent greenium (estimated at 3–5 basis points) supports existing literature suggesting that ESG-labeled instruments can attract favorable pricing conditions. Social bonds, while less developed in volume and standardization, exhibit similar trends where issuer credibility is strong. Beyond pricing, the analysis indicates that these instruments contribute to improved investor perception, regulatory alignment, and strategic ESG positioning. This study contributes to both academic and policy discourse by validating theoretical expectations with real-world evidence. It concludes that green and social bonds are not only effective tools for financing sustainability transitions but also signal broader institutional adaptation to ESG imperatives in the German banking sector. application/pdf en Attribution-NonCommercial-NoDerivs 3.0 United States http://creativecommons.org/licenses/by-nc-nd/3.0/us/ 53 Ciencias económicas 5307 Teoría económica 530713 Teoría de la inversión The Impact of Sustainability Bonds on the Financing of the German Banking Sector : An Analysis of Their Sustainability and Future Viability info:eu-repo/semantics/bachelorThesis info:eu-repo/semantics/closedAccess