The initiative, backed by Vice Chairman Anne Finucane and Chief Operating Officer Tom Montag, is the company’s eighth environmental, social and governance-themed bond, bringing its total issuance in the category to almost $10 billion, the bank said in a statement Friday.
The offering, which priced earlier this week, has the potential to help Black and Latino communities through activities such as mortgage lending, financing for businesses and medical practices, and equity investments, with some proceeds going toward renewable-energy and clean-transportation projects, Bank of America said.
“We want to be an example for other issuers,” Karen Fang, the bank’s head of global sustainable finance, said in an interview.