OneTrust Cookie Consent

Navigation

  • Skip to Content
  • Client Log In
  • Investor relations  (opens in a new tab)
  • Sustainability Institute  (opens in a new tab)
  • Subscribe
  • Contact us
  • Careers
  • Region
  • Go back to Main Menu
  • Client Log In
  • MSCI ONE  (opens in a new tab)
  • MSCI Client Support Site
  • Barra PortfolioManager
  • BarraOne  (opens in a new tab)
  • MSCI ESG Manager  (opens in a new tab)
  • MSCI ESG Direct  (opens in a new tab)
  • Global Index Lens
  • MSCI Real Assets Analytics Portal  (opens in a new tab)
  • RiskManager 3  (opens in a new tab)
  • CreditManager  (opens in a new tab)
  • RiskManager 4  (opens in a new tab)
  • Index Monitor  (opens in a new tab)
  • MSCI Datscha  (opens in a new tab)
  • MSCI Real Capital Analytics  (opens in a new tab)
  • Private i  (opens in a new tab)
  • Total Plan/Caissa  (opens in a new tab)
  • MSCI Wealth Manager (Fabric)  (opens in a new tab)
  • MSCI Carbon Markets  (opens in a new tab)
  • Go back to Main Menu
  • Region
  • China
  • India
  • Japan
Navigation

Navigation Menu

  • Our Clients
    • Go back to Main Menu
    • Our Clients
    • Asset Managers
    • Asset Owners
    • Banks
    • Corporates
    • Hedge Funds
    • Insurance Companies
    • Wealth Managers
  • Our Solutions
    • Go back to Main Menu
    • Our Solutions
    • Analytics
      • Go back to Our Solutions
      • Analytics
      • Analytics Overview
      • Risk Management
      • AI Portfolio Insights
      • Multi-asset Class Factor Models
      • Quantitative Investment Solutions
      • Fixed Income Analytics
      • Portfolio Management
      • Crowding Solutions
      • Regulatory Solutions
      • Managed Solutions
    • Climate Investing
      • Go back to Our Solutions
      • Climate Investing
      • Climate Investing Overview
      • Biodiversity
      • Carbon Markets
      • GeoSpatial Asset Intelligence
      • Portfolio Sustainability Insights
      • Real Estate Climate Solutions
    • Sustainable Investing
      • Go back to Our Solutions
      • Sustainable Investing
      • Sustainable Investing Overview
      • ESG Fund Ratings and Climate Search Tool
      • ESG Ratings
      • Impact Solutions
      • Sustainability Reporting Services
      • Sustainability and Climate Regulatory Toolkit
    • Factor Investing
      • Go back to Our Solutions
      • Factor Investing
      • Factor Investing Overview
      • Equity Factor Models
      • FactorLab
      • MSCI FaCS
      • Factor Indexes
    • Fixed Income
      • Go back to Our Solutions
      • Fixed Income
      • Fixed Income Overview
      • Fixed Income Analytics
      • Fixed Income Indexes
    • Private Capital
      • Go back to Our Solutions
      • Private Capital
      • Private Capital Overview
      • Private i
      • Total Plan Manager (formerly Caissa)
      • Emissions Footprinting
      • Private Capital Indexes
      • Private Company Data Connect
    • Real Assets
      • Go back to Our Solutions
      • Real Assets
      • Real Assets Overview
      • INCANS
      • Index Intel
      • Portfolio Services
      • Property Intel
      • Private Real Assets Indexes
      • Real Capital Analytics
    • Wealth Management
  • Indexes
    • Go back to Main Menu
    • Indexes
    • Indexes Overview
    • By Category
      • Go back to Indexes
      • By Category
      • By Category Overview
      • Climate
      • Market Cap
      • Fixed Income
      • Client-Designed
      • Sustainability
      • Factor
      • Thematic
      • Private Real Assets
      • Private Capital
    • Tools
      • Go back to Indexes
      • Tools
      • Tools Overview
      • Index Monitor
      • MSCI Index API
      • MSCI IndexMetrics®
      • Index Data Modules
      • Equity Index Constituents
      • Fixed Income Index Constituents
      • Index Profile Tool
      • Direct Indexing
    • Resources
      • Go back to Indexes
      • Resources
      • Resources Overview
      • Communications
      • Education
      • Equity Factsheets
      • Derivatives
      • Methodology
      • Performance
      • Regulation
  • Research & Insights
    • Go back to Main Menu
    • Research & Insights
    • Research & Insights
      • Go back to Research & Insights
      • Research & Insights
      • Research & Insights Overview
      • Carbon Markets
      • Climate
      • Equities
      • Factor Investing
      • Fixed Income
      • Multi-Asset Class
      • Private Capital
      • Real Estate
      • Sustainability
    • Events
      • Go back to Research & Insights
      • Events
      • Events Overview
      • On Demand
  • Discover MSCI
    • Go back to Main Menu
    • Discover MSCI
    • About Us
    • Technology
      • Go back to Discover MSCI
      • Technology
      • Technology Overview
      • Data Explorer
      • Developer Community
      • Technology and Data
    • Corporate Responsibility
      • Go back to Discover MSCI
      • Corporate Responsibility
      • Corporate Responsibility Overview
      • Enabling Sustainable Investing
      • Environmental Sustainability
      • Governance Practices
      • Social Practices
      • Sustainability Reports and Policies
    • Inclusion & Belonging
    • Media Room
    • Our Leadership
    • Recognition
  • Client Log In
  • Investor relations  (opens in a new tab)
  • Sustainability Institute  (opens in a new tab)
  • Subscribe
  • Contact us
  • Careers
  • Region
  • Go back to Main Menu
  • Client Log In
  • MSCI ONE  (opens in a new tab)
  • MSCI Client Support Site
  • Barra PortfolioManager
  • BarraOne  (opens in a new tab)
  • MSCI ESG Manager  (opens in a new tab)
  • MSCI ESG Direct  (opens in a new tab)
  • Global Index Lens
  • MSCI Real Assets Analytics Portal  (opens in a new tab)
  • RiskManager 3  (opens in a new tab)
  • CreditManager  (opens in a new tab)
  • RiskManager 4  (opens in a new tab)
  • Index Monitor  (opens in a new tab)
  • MSCI Datscha  (opens in a new tab)
  • MSCI Real Capital Analytics  (opens in a new tab)
  • Private i  (opens in a new tab)
  • Total Plan/Caissa  (opens in a new tab)
  • MSCI Wealth Manager (Fabric)  (opens in a new tab)
  • MSCI Carbon Markets  (opens in a new tab)
  • Go back to Main Menu
  • Region
  • China
  • India
  • Japan

Main Search

Popular searches:
ACWI (opens in a new tab) Research (opens in a new tab) ESG (opens in a new tab) Factor Investment (opens in a new tab) Insights Gallery (opens in a new tab) Asset Owners (opens in a new tab)
Might interest you:
Powering Better Portfolios through Technology and Data
MSCI offers clients mission-critical data and technology capabilities focused on quality, reliability, and scale. To power the next wave of growth,...
ESG Ratings
MSCI ESG Ratings provides insights into ESG risks and opportunities within multi-asset class portfolios.
Research
MSCI has applied pioneering ideas to real-world investment challenges for more than four decades.
Labeled Bonds: Quarterly Market Overview Q4 2023

Social Sharing

Extended Viewer

Labeled Bonds: Quarterly Market Overview Q4 2023

Feb 21, 2024

In our quarterly series dedicated to green, social, sustainability and sustainability-linked labeled bonds, we break down the market by multiple bond and issuer characteristics to identify key trends in this rapidly growing and increasingly diverse market.

The market added USD 85 billion (net) of labeled bonds during the fourth quarter of 2023, bringing the total outstanding to USD 3.4 trillion at year-end. Relatively low issuance over the quarter resulted in full-year issuance landing at the same level as in the previous year (USD 0.74 trillion). Nevertheless, labeled bonds increased their presence in global-bond benchmarks throughout 2023.

Gross issuance and amount outstanding (last five years)

Gross issuance and amount outstanding

Data as of Dec. 29, 2023. “SLB” stands for sustainability-linked bonds. Source: Refinitiv, MSCI ESG Research


Download report

Research authors

  • Jakub Malich, Vice President, MSCI Research
  • Anett Husi, Analyst, MSCI Research

Related content

Green Bonds and Climate — Towards a Quantitative Method

While examining use of proceeds remains a key element of analyzing green bonds, we highlight four additional metrics to assess these bonds and their issuers in a more quantitative way. They offer a new set of lenses with which to tackle the analysis.

Read the paper

Labeled-Bond Issuance and Cost of Debt

We explore three reasons why issuers typically issue labeled bonds: financing impact projects, financing their own environmental goals and building rapport with sustainability-oriented stakeholders. Have these issuers also enjoyed lower debt costs?

Read the paper

Labeled Bonds: Quarterly Market Overview Q3 2023

The labeled-bond market brings together issuers that may wish to raise capital to finance various environmental and social commitments and build rapport with sustainability investors. What were the key developments in this market in the third quarter of 2023?

Read the paper
msci logo
  • Terms of Use
  • Legal
  • Modern Slavery Statement
  • Privacy notice
  • Index regulation
  • Locations
  • Cookies
  • Use of ISO standards
  • Site map
Subscribe Contact us
© 2025 MSCI Inc. All rights reserved

UtmAnalytics

  • Tweet
  • Facebook
  • LinkedIn
  • Tweet
  • Facebook
  • LinkedIn