Bank of America Announces Third Equality Progress Sustainability Bond for $2B

Bank of America issued its third Equality Progress Sustainability bond for $2 billion, designed to advance racial and gender equality, economic opportunity and environmental sustainability.

The six-year bond, which is callable in five years, will pay interest semi-annually at a fixed rate of 6.204% for the first five years, and quarterly at a floating rate thereafter.

BofA Securities was the sole bookrunner on the deal and six minority- or women-owned broker-dealers served as co-lead managers, including Academy Securities, Van BlaylockLoop Capital, R. Seelaus & Co, Ramirez & Co and Siebert Williams Shank.

The new bond expands on Bank of America’s first Equality Progress Sustainability Bond, issued in 2020, and a second Equality Advancement Sustainability Bond issued in 2021.

Bank of America has issued nearly $14 billion across five green, two social and three sustainability bonds, which focus on clean energy, energy efficiency, affordable housing and community development.