Price inside

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Price reflecting features and market conditions - securities - bonds - yield - yield curve.

"Price inside" means a difference between the yield on a new bond - or other security - at issue, and the yield on comparable bonds already trading in the secondary market.

When the new bond prices inside the existing secondary yield curve, its yield is lower.

This is a saving on the cost of borrowing for the issuer.

It is investment yield - or rate of return - given up by the investor.

Excellent outcome for issuers
"Sometimes, a bond may be issued with a higher price, and thus have a lower yield compared to outstanding debt.
The bond will price inside its own yield curve.
This is known as a new issue concession; when present in a green bond, we have termed it greenium.
This is an excellent outcome for any issuer because it means that it pays less to fund its green bond compared to its vanilla debt."
Green Bond Pricing in the Primary Market H1 2022 - Climate Bonds Initiative - p9.

See also