BofA Looks to Link Up Bond Issuers With Minority-Run Banks
Bloomberg 3 hrs ago Molly Smith and Caleb Mutua
(Bloomberg) Bank of America Corp. held a conference last week to connect minority-run banks with companies that borrow in bond markets in an effort to increase diversity in debt underwriting.
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The Charlotte, North Carolina-based lender consistently one of the largest underwriters of U.S. investment-grade corporate bond sales over the last two decades is also looking to increase the proportion of fees that companies direct to minority-owned dealers that join its syndicates for bond sales, said Andrew Karp, the bank’s head of investment-grade capital markets. He declined to provide specific figures.
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Dec. 17, 2020 5:30 am ET
Cash is pouring into investments intended to combat climate change and otherwise benefit society. Now, evidence is emerging that all of the money is starting to have an impact.
A growing body of research shows that companies and governments that borrow using so-called green bonds can save a bit of money. The market for these bonds, which fund environmental objectives such as renewable power, is booming. All that money is driving up the prices and pushing down yields on the bonds, making borrowing slightly cheaper.
Analysts around the world are mining bond market data to quantify what they call “the greenium,” a measurement of how much extra investors will pay for green bonds compared with conventional bonds.