Bank of America, the second-largest U.S. bank by assets, announced on Friday the issuance of a $2 billion Equality Progress Sustainability Bond to tackle racial, economic and environmental issues.

According to the release, the environmental, social and governance (ESG)-themed bond is a first of its kind for the financial services industry where the process from the social portion will directly assist Black and Latino communities.

“Bank of America is proud to build upon its long-standing commitment to our communities through ESG and sustainable finance initiatives. This innovative offering aims to support progress toward racial equality and environmental sustainability by leveraging the company’s extensive capabilities and committed local engagement,” Bank of America COO Tom Montag said in a statement.

Among the social purposes where the net proceeds from the bond offering will be allocated include affordable housing, financing health care clinics, supply chain finance for minority-owned businesses and investments in minority depository institutions.

The five-year bond will pay at a 0.981 percent fixed interest rate semi-annually for the first four years, and quarterly at a floating rate going forward. For the transaction, Bank of America served as the sole book-runner, while bringing on minority-owned broker-dealers — Loop Capital Markets, Ramirez & Co. and Siebert Williams Shank — as lead managers.

Bank of America said it would publish reports on a designated website within the next year and update it at least once per year as long as outstanding notes remain.

Bank of America has now issued eight ESG-themed bonds, for a total issuance of $9.85 billion.

Bank of America (BAC) rose 15 cents on Friday to close at $23.49.