The purpose of this research, done in 2022, was to establish whether key ESG characteristics of green bond issuers can be missed when using a top-down approach to investing. This research used case studies of green bonds that would be selected for a theoretical green bond portfolio using a top-down approach, and assessed them against three criteria covering environmental, social and governance factors. A universe view was also analysed alongside the case studies to assess whether there was any difference in climate action ambitions amongst green bond issuers overall compared with non-green bond issuers.