Bank of America issues $2 billion ‘equality progress’ bond to advance racial equity

ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, September 29 – Bank of America has issues a $2 billion bond to advance racial equity. Proceeds from the five-year bond will be used to invest in initiatives having a positive impact on Black and Brown communities. Projects will include affordable housing development, mortgage lending, health facilities and medical practices, minority-owned depository institutions, as well as supply-chain lending and equity investments in minority-owned businesses. 

The bond is BofA’s eighth sustainability-focused bond offering and brings the bank’s responsible issuances to $9.9 billion. 

Citi recently announced $50 million in additional capital for its impact fund, to be reserved for Black-owned enterprises, along with $1 billion in other racial equity-focused initiatives. Almost 60 companies have pledged more than $3.3 billion to fight inequality and racism since the police killing of George Floyd, per Axios.