consider it a new standard for debt capital markets

A benchmark if you will, offering views into the fixed income market that are rooted in environmental and social science and deepened by a practitioner’s understanding of real-world best practices and regulatory frameworks.

Because transparency and access to the right tools in your search for ESG integration is key.

Are you ready to join the hunt for impact?


We provide strong analytic products and services to support the growing market
in sustainable and socially responsible fixed income financing and investing.


sustainability intelligence

We assess ESG impact, focusing on individual bonds, taking a closer look at the complex uses of proceeds to provide transparency at the bond level. In doing so, we also reveal ESG risk mitigation.

Built with input from large asset managers, our nuanced scoring system is tailored to over 160 sub-sectors, providing the ability to view bonds in all sectors on a direct comparison basis. Read More


green, social and sustainability bond services

We are the market leader for verified green, social and sustainability bonds in US public finance. As an Approved Verifier accredited by the Climate Bonds Initiative (CBI), we evaluate corporate and municipal bonds in all asset classes worldwide for conformance with international standards. Read More

  • Second Party Opinions
  • Impact reporting

investment products

Indexes and funds built by Kestrel or in partnership with industry participants. Contact us.

our approach

We evaluate bond-financed activities through the lens of environmental and social science, deepened by a practitioner’s understanding of real-world operationally feasible best practices and regulatory frameworks.

Our Analysis and Scores reveal how well financed activities align with the just transition to a low-carbon economy, evaluate the impact on the environment and society, and assess the preparedness to function in a changing climate.

Our methodology is based on the best practices in each sector that advance our five Sustainable Finance Principles.

– transition to a decarbonized economy
– integrate resilient and sustainable design features
– preserve, enhance, or restore natural capital
– promote a more equitable society and a just transition
– disclose activities, impacts and risks
Learn More Learn More

We are collaborators, continuously working with market participants to design and implement products that solve for today’s challenges in decarbonizing global economies. Explore our platform or reach out to start a discussion.


Kestrel Announces Milestone of 200th External Review

Hood River, Oregon, September 27, 2023 – Kestrel, the trusted US municipal market leader for Green, Social and Sustainability Bonds designations, announced completion of its 200th external review. Since becoming […]

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The Bond Buyer: “San Diego Unified looks to the future with massive school building program”

San Diego Unified School District has an excellent Sustainability Bonds program. Kestrel Second Party Opinions are designed to highlight key environmental and social impacts of each issuance, and the great […]

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Kestrel to be First US-Based Approved Verifier for Green Company/Green Issuer Certification

New York/London, 05/09/2023,09:00 EST: Kestrel has achieved a significant milestone by becoming the first US-based Approved Verifier for Entity Level Verification and Sustainability Linked Debt certifications under the Climate Bonds Standard. […]

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100 %

coverage of the municipal primary market
for investment grade and higher with
>$20 million par value

100 %

coverage of the Bloomberg Municipal Bond
Index Total Return Index Value Unhedged USD

+80 %

market share by # of external reviews
in US public finance*


par verified

*Q2 2023