Investors are clamoring for 'pandemic bonds.' Here's how Wall Street banks are revamping their businesses and senior execs are devising ways to capture the surging demand.
of ESG financing, was well-positioned to act, having formed a new sustainable markets committee in January, with a goal accelerate BofA's capabilities and services in sustainable finance, coheaded by COO Tom Montag and vice chair Ann Finucane, who leads the bank's broader ESG group. promoted to an ambitious new role
Social bonds historically have lagged far behind green bonds, which dominate the space, accounting for 80% of the record $323 billion sustainable bonds issued in 2019. "If you think about social issues, it's healthcare, it's education, it's low-income community development. A lot of that is harder to finance. It's not impossible, but it's harder," Fang told Business Insider. "The pandemic opened up a new market for investors to make a difference in the world of needed capital in a crisis."
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