May 19, 2020 at 4:01 PM Eastern
Bank of America announced today the issuance of a $1 billion corporate social bond to support the fight against the COVID-19 pandemic, the first such offering by a U.S. commercial bank.
The four-year bond, which is callable in three years, will pay interest semi-annually at a fixed rate of 1.486% for the first three years, and will pay interest quarterly at a floating rate thereafter. This offering is the seventh environmental, social and governance (ESG)-themed bond issued by Bank of America since 2013. Previous offerings – including five “green” bonds and one “social” bond – have focused on providing clean energy and supporting affordable housing and community development financial institutions (CDFIs), respectively.
The proceeds from this offering will be allocated to health care industry lending in the firm’s Global Commercial Bank, specifically not-for-profit hospitals, skilled nursing facilities, and manufacturers of health care equipment and supplies.
“The world is in a fight against COVID-19 and we are committed to doing our part by supporting the companies and professionals who are on the front lines,” said Bank of America Vice Chairman Anne Finucane. “The proceeds from this offering will help deliver critical resources for the companies involved in the testing, diagnosis, treatment and prevention of this insidious virus, while providing investors an opportunity to join us in this all-important effort.”
“Bank of America has played a critical role in the development of green, social and sustainability bonds,” said Tom Montag, chief operating officer of Bank of America, and president of Global Banking and Markets. “We were the first company to issue a benchmark-sized corporate green bond and we co-authored the original version of the Green Bond Principles, a voluntary set of guidelines to promote integrity in the development of the green bond market. Since 2013, we have issued nearly $8 billion in green and social bonds, and helped more than 150 clients support their sustainable business needs by raising in excess of $200 billion through more than 300 ESG-themed bond offerings.”
Finucane and Montag co-chair Bank of America’s Sustainable Markets Committee, which collaborates across business lines to deliver innovative financing solutions in support of the United Nations Sustainable Development Goals (SDG), including affordable housing, sustainable energy, clean water and sanitation, education and health care. This bond offering is designed to support the U.N.’s SDG 3 focused on Good Health and Well-Being.
Bank of America continues to support the communities in which our clients live and work. The company recently announced a $100 million commitment to philanthropic support for local communities to purchase medical supplies, food and other priorities, in addition to the $250 million provided by the company each year. The company also pledged $250 million in capital and $10 million in philanthropic grants to CDFIs to help support low- and moderate-income communities.
Visit the Bank of America Client Resources website to learn more about the company’s pandemic response.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 3,000 lending centers, 2,700 financial centers with a Consumer Investment Financial Solutions Advisor and approximately 2,100 business centers; approximately 16,900 ATMs; and award-winning digital banking with approximately 39 million active users, including approximately 30 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.
Lee McEntire, Bank of America
Phone: 1.980.388.6780
lee.mcentire@bofa.com
Jonathan Blum, Bank of America (Fixed Income)
Phone: 1.212.449.3112
jonathan.blum@bofa.com
Jerry Dubrowski, Bank of America,
Phone: 1.646.855.1195 (office) or 1.508.843.5626 (mobile)
jerome.f.dubrowski@bofa.com
Kelly Sapp, Bank of America
Phone: 1.980.214.3070
kelly.e.sapp@bofa.com
May 19, 2020 at 4:01 PM Eastern
Bank of America announced today the issuance of a $1 billion corporate social bond to support the fight against the COVID-19 pandemic, the first such offering by a U.S. commercial bank.
The four-year bond, which is callable in three years, will pay interest semi-annually at a fixed rate of 1.486% for the first three years, and will pay interest quarterly at a floating rate thereafter. This offering is the seventh environmental, social and governance (ESG)-themed bond issued by Bank of America since 2013. Previous offerings – including five “green” bonds and one “social” bond – have focused on providing clean energy and supporting affordable housing and community development financial institutions (CDFIs), respectively.
The proceeds from this offering will be allocated to health care industry lending in the firm’s Global Commercial Bank, specifically not-for-profit hospitals, skilled nursing facilities, and manufacturers of health care equipment and supplies.
“The world is in a fight against COVID-19 and we are committed to doing our part by supporting the companies and professionals who are on the front lines,” said Bank of America Vice Chairman Anne Finucane. “The proceeds from this offering will help deliver critical resources for the companies involved in the testing, diagnosis, treatment and prevention of this insidious virus, while providing investors an opportunity to join us in this all-important effort.”
“Bank of America has played a critical role in the development of green, social and sustainability bonds,” said Tom Montag, chief operating officer of Bank of America, and president of Global Banking and Markets. “We were the first company to issue a benchmark-sized corporate green bond and we co-authored the original version of the Green Bond Principles, a voluntary set of guidelines to promote integrity in the development of the green bond market. Since 2013, we have issued nearly $8 billion in green and social bonds, and helped more than 150 clients support their sustainable business needs by raising in excess of $200 billion through more than 300 ESG-themed bond offerings.”
Finucane and Montag co-chair Bank of America’s Sustainable Markets Committee, which collaborates across business lines to deliver innovative financing solutions in support of the United Nations Sustainable Development Goals (SDG), including affordable housing, sustainable energy, clean water and sanitation, education and health care. This bond offering is designed to support the U.N.’s SDG 3 focused on Good Health and Well-Being.
Bank of America continues to support the communities in which our clients live and work. The company recently announced a $100 million commitment to philanthropic support for local communities to purchase medical supplies, food and other priorities, in addition to the $250 million provided by the company each year. The company also pledged $250 million in capital and $10 million in philanthropic grants to CDFIs to help support low- and moderate-income communities.
Visit the Bank of America Client Resources website to learn more about the company’s pandemic response.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 3,000 lending centers, 2,700 financial centers with a Consumer Investment Financial Solutions Advisor and approximately 2,100 business centers; approximately 16,900 ATMs; and award-winning digital banking with approximately 39 million active users, including approximately 30 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.
Lee McEntire, Bank of America
Phone: 1.980.388.6780
lee.mcentire@bofa.com
Jonathan Blum, Bank of America (Fixed Income)
Phone: 1.212.449.3112
jonathan.blum@bofa.com
Jerry Dubrowski, Bank of America,
Phone: 1.646.855.1195 (office) or 1.508.843.5626 (mobile)
jerome.f.dubrowski@bofa.com
Kelly Sapp, Bank of America
Phone: 1.980.214.3070
kelly.e.sapp@bofa.com
.jpg/_jcr_content/renditions/original){kind=logo}
Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.
This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation, offer or solicitation for the purchase or sale of any security, financial instrument, or strategy. Before acting on any information in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.
Content contained herein may have been produced by an outside party that is not affiliated with Bank of America or any of its affiliates (Bank of America). Opinions or ideas expressed are not necessarily those of Bank of America nor do they reflect their views or endorsement. These materials are for informational purposes only. Bank of America does not assume liability for any loss or damage resulting from anyone's reliance on the information provided. Certain links may direct you away from Bank of America to an unaffiliated site. Bank of America has not been involved in the preparation of the content supplied at the unaffiliated sites and does not guarantee or assume any responsibility for its content. When you visit these sites, you are agreeing to all of their terms of use, including their privacy and security policies.
Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “ MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.
Trust and fiduciary services are provided by Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC, and a wholly-owned subsidiary of Bank of America Corporation (“BofA Corp.”). Insurance and annuity products are offered through Merrill Lynch Life Agency Inc. (“MLLA”), a licensed insurance agency and wholly-owned subsidiary of BofA Corp.
Investment products offered through MLPF&S and insurance and annuity products offered through MLLA:
| Are Not FDIC Insured | Are Not Bank Guaranteed | May Lose Value |
| Are Not Deposits | Are Not Insured by Any Governmental Agency | Are Not a Condition to Any Banking Service or Activity |
Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation (BofA Corp.).
"Bank of America" is the marketing name for the global banking and global markets business of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, BofA Securities, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. is registered as a futures commission merchant with the CFTC and is a member of the NFA.
Company goals are aspirational and not guarantees or promises that all goals will be met. Statistics and metrics included in our ESG documents are estimates and may be based on assumptions or developing standards.
Bank of America, N.A. Member FDIC. Equal Housing Lender
© 2024 Bank of America Corporation. All rights reserved.
.jpg/_jcr_content/renditions/original){kind=logo}
