Company Expands Leadership in Green Bond Market as First U.S. Financial Institution to Issue Four Corporate Green Bonds
Bank of America Corporation announced today the issuance of its fourth and largest green bond for $2.25 billion in aggregate principal amount, furthering the company’s commitment to deploying capital to advance sustainable projects. The bond’s proceeds will support increasing renewable energy generation.
With this offering, Bank of America becomes the first U.S. financial institution to issue four corporate green bonds, raising a total of $4.35 billion for renewable energy projects since 2013. The company has also been the leading underwriter of green bonds globally since 2007, underscoring its continued leadership in addressing climate change by financing the transition to a low-carbon, sustainable economy.
“We are engaging every part of our company to address today’s biggest global challenges – including solutions to help transition to lower-carbon energy sources and address unsustainable demands on our natural resources,” said Bank of America Vice Chairman Anne Finucane. “Green bonds are an important tool for the private sector to finance clean and alternative energy sources, as well as other environmentally-minded activities, at competitive market rates. We’ve seen tremendous demand in the debt capital markets, with all four of our green bonds significantly oversubscribed, and we are responding to that demand.”
Bank of America Merrill Lynch (BofAML) is the leader in green bond underwriting. According to the Environmental Finance green bond database, BofAML has been the leader in green bond underwriting globally since 2007. Additionally, Bloomberg league tables rank BofAML as the leading corporate and government green bond underwriter since 2007. In 2017 alone, BofAML underwrote $6.5 billion (pro-rata basis) in green bonds on behalf of 41 unique clients. Since 2007, BofAML has underwritten more than $27 billion on behalf of more than 100 clients.
"By providing transparency into how the proceeds will be used, green bonds also offer a relatively new way for fixed income investors to drive social and environmental change through the debt capital markets,” said Finucane.
Through its scale, global reach and deployment of capital, Bank of America is bringing together investors, expanding financing solutions and market opportunities, and supporting sustainable projects and communities.
Since 2007, Bank of America has provided more than $87 billion in financing for low-carbon, sustainable business activities. The company’s $125 billion environmental business goal demonstrates its commitment to the environment and supporting sustainable, low-carbon businesses through lending, investing, capital raising, advisory services and developing financing solutions for clients around the world.
Learn more about Bank of America’s commitment to the environment at bankofamerica.com/environment.
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 47 million consumer and small business relationships with approximately 4,400 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 36 million active users, including 25 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 more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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Kelly Sapp, Bank of America