Labor Force Transitions at Older Ages: Burnout, Recovery, and Reverse Retirement
Thailand’s introduction of the Thai ESG Fund in late 2023 — a tax-incentivized retail investment program — has reshaped the country’s corporate bond market by driving strong investor demand for newly issued ESG bonds. Following the policy launch, funding costs for new ESG issuers fell by an average of 69 basis points compared to non-ESG peers, reflecting enhanced appetite for sustainable assets. However, yields on older ESG bonds rose by 31–42 basis points, as market attention and liquidity shifted toward newly eligible issues under the scheme. The overall impact underscores how Thailand’s ESG investment policy effectively lowers borrowing costs for new sustainable issuers while creating a liquidity trade-off that raises yields on previously issued ESG bonds.