Bank of America issues $1B bond for Covid-19 relief efforts

Bank of America Corp. (NYSE: BAC) has issued a $1 billion corporate social bond for Covid-19 relief efforts — becoming the first U.S. bank to do so. The four-year bond will pay at a 1.49% fixed interest rate twice a year for the first three years. It will then pay interest four times a year at a floating rate. BofA can redeem the bond after three years. Charlotte-based BofA said it has issued seven bonds since 2013 for its environmental, social and governance (ESG) initiatives. The other six…