Bank of America sold a first-of-a-kind COVID-19 bond

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Update – Market 

Bank of America Corp on Thursday sold a debut $1 billion corporate bond, the first from a global commercial bank with the specific purpose of financing parts of the health industry as it battles the coronavirus pandemic.

The debt offering fits within the “doing-good” or “sustainable investments” niche, but with the twist of being the first from a major bank to fund clients on the front lines of the COVID-19 crisis.

It also adds to a recent shift in focus within the sustainable finance movement.

Already, the team tracked issuance of global new bonds with a “social good” at a record $11.9 billion in the first quarter of 2020, and sustainability bond supply at $13.4 billion for the same period, mainly as multilateral development banks rushed to finance their coronavirus response.

Moody’s chart breaking down sustainable bond issuance since 2018.
Bank of America has been a leader in green and sustainable finance in recent years, including at its Bank of America Tower at One Bryant Park in New York City, which was the first U.S. commercial high-rise to achieve LEED platinum certification.
source marketwatch

BANK OF AMERICA   NEW YORK CITY     BOND

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