This study examines financial incentives for corporate issuers in the U.S. green bond market. A significant underwriting fee discount of 0.25% per issuance (approximately $1.6 million) for green bonds persists throughout the sample period. Green bond issuers initially enjoy lower borrowing costs, with an average green premium of 21 basis points; however, this advantage erodes over time and reverses into a green discount by 2023. Sustainability-linked bonds yield greater financial benefits than green bonds. Repeated issuers realize smaller green benefits, consistent with market concerns about potential greenwashing. By design, sustainability-linked bonds mitigate the manipulation risks of outcomes, allowing seasoned issuers to reap more benefits than debut issuers. This research deepens insight into the evolving financial dynamics and clarifies the mechanism determining the motivation of labeled security issuance.