CLEAN ENERGY/ FIXED INCOME Charles Sandmel 73 Fairmount Street Brookline MA 02445 617/257-1524 csandmel44@comcast.net
WHY FUND CLEAN ENERGY WITH BONDS ? Total global bond market is $100TN, compared to $63TN in equity. Borrowing spreads costs over life of projects Many clean energy developers—including whole public sector-- can’t issue stock
WHY OWN BONDS IN INTENTIONAL ENDOWMENTS? Low risk asset class has offered stable returns Valuation moves don’t track stocks—tends to stabilize overall portfolio value Direct and verifiable nonfinancial impact not available from equities
WHAT MAKES A BOND GREEN? GREEN BONDS Finance environmentally beneficial projects or enterprises. Universities can buy or issue them!
WHERE TO GET DATA Corporate bonds https://www.sec.gov/edgar/searchedgar/companysearch.html Municipal Bonds http://emma.msrb.org/Home/Index Bloomberg Terminal: DES function