Municipal Market is `Wild West' for Green Bonds, TIAA Says

  • Certification process is often voluntary verification
  • Label seen as marketing tool to environmentally aware buyers

The $3.7 trillion municipal market is the “wild, wild West” for so-called green bonds as issuance of such deals ramps up despite no industry-standard criteria for the securities, according to Joel Levy, group head of municipal fixed income at TIAA Global Asset Management.

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