Finance chiefs are hiring minority-owned investment banks as underwriters on their corporate bond offerings more frequently, aiming to attract new investors and demonstrate their commitment to diversity, the Wall Street Journal reported. The 10 largest investment banks by deal volume that are owned by minorities, women or veterans took part in 29% of debt sales by U.S. investment-grade companies last year, according to data provider Refinitiv, raising $814.2 billion during a record year for bond offerings overall. That participation level for firms with diverse ownership was an all-time high and up from 22% of debt sales with proceeds of $211.5 billion a decade ago, according to Refinitiv. So far in 2021, the top 10 firms with diverse owners have taken part in bond offerings that raised $136.2 billion, accounting for 43% of proceeds in the U.S. investment-grade market, according to Refinitiv. In the same period in 2020, such firms took part in debt sales that raised $95.1 billion, accounting for 33% of the market, Refinitiv said.
