BofA Sees Strong Growth in ESG Debt Next Year Despite ‘Pains’
- Lender is biggest borrower of ethical debt among U.S. issuers
- Labeled bonds will ‘continue to price favorably:’ BofA’s Fang
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Bank of America Corp., the biggest corporate issuer of bonds tied to environmental, social and governance in the U.S., is predicting another big year for global sales of the debt.
Issuance of sustainable bonds from corporations and governments worldwide surpassed $1 trillion for the first time ever this year, more than double all of 2020 issuance. The market is poised to grow at a significant pace next year as well, according to Andrew Karp, head of global corporate and investment banking ESG advisory and financing solutions at BofA and Karen Fang, the bank’s global head of sustainable finance.