Where's the green bond premium? Evidence from China

•This study examines the difference in yield spreads between labeled green bonds and non-labeled green bonds in the primary market in China.•We confirm that only labeled green bonds can significantly reduce issuance spreads.•This study examines the difference in issuance spreads between the different uses for labeled green bonds and non-labeled green bonds.•The effect is heterogenous by bonds maturity, bonds rating, and the city's financial pressures.