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.
BANK OF AMERICA NEW YORK CITY BOND