ESG & Investing
Louisiana Opts to Auction Bonds to Avoid GOP Anti-ESG Quandary
- State will sell about $270 million of bonds to lowest bidder
- State treasurer says he has ‘no choice’ but to auction bonds
John Schroder
Photographer: Melinda Deslatte/APThis article is for subscribers only.
Officials in Louisiana couldn’t agree on which Wall Street banks align closely enough to the state’s Republican politics to underwrite an upcoming bond sale — so they decided to put the debt up for auction instead.
Members of the State Bond Commission voted Friday to sell about $270 million of general obligation bonds through a competitive offering rather than choosing banks in advance. The decision followed an intense debate over whether to allow six Wall Street banks to be considered for the state’s underwriting pool because of their corporate policies on fossil fuels or firearms.