logo
  

Bank Of America Issues Its Second Equality Progress Sustainability Bond For $2 Bln

Bank of America Corp. (BAC) announced Tuesday the issuance of its second Equality Progress Sustainability Bond for $2 billion. The use of proceeds from the bond offering is designed to advance racial and gender equality, economic opportunity and environmental sustainability.

The four-year bond, which is callable in three years, will pay interest semi-annually at a fixed rate of 1.53% for the first three years, and quarterly at a floating rate thereafter.

Bank of America will allocate at least 50% of an amount equal to the net proceeds from the sale of the bond to one or more eligible Equality Progress Social Assets, with the remainder allocated to eligible Green Assets.

This issuance expands upon Bank of America's first Equality Progress Sustainability Bond issued in 2020 by broadening the scope of the target populations for eligible Equality Progress Social Assets to include women and Asian American, Pacific Islander and Indigenous people, along with Black and Hispanic-Latino populations.

In addition, the eligible Green Asset categories have been expanded to include sustainable water and wastewater management, green buildings and carbon capture.

This transaction marks the first offering following the publication of Bank of America's ESG-themed Issuance Framework last month. The Framework aligns to Bank of America's Environmental, Social and Governance (ESG) leadership and the company's sustainable finance strategy.

The Bond's specific use of proceeds is designed to advance racial and gender equality, economic opportunity and environmental sustainability. This is Bank of America's ninth ESG-themed Bond, raising nearly $12 billion in aggregate for investments for environmental and social sustainability, helping to advance the United Nations Sustainable Development Goals.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Asweets Global Inc. is recalling about 2,000 units of Wonder & Wise Activity Tables for potential risk of choking hazard to young children, a statement by the U.S. Consumer Product Safety Commission (CPSC) showed. The company said the screws of the tables can become loose and/or detach from the xylophone component of the activity tables to pose a choking hazard to young children. Chinese e-commerce giant Alibaba Group Holdings Ltd. (BABA) reported Thursday a net loss for the fourth quarter that sharply widened from last year, despite 9 percent growth in revenues, hurt by a decreases in the market prices of our equity investments in publicly-traded companies. Omni-channel fashion retailer Macy's, Inc. (M) reported Thursday a first-quarter net income of $286 million or $0.98 per share, sharply higher than $103 million or $0.32 per share in the prior-year quarter. Excluding items, adjusted net income for the quarter was $315 million or $1.08 per share, compared...
Follow RTT