Chicago, June 23 – South Korea’s Kookmin Bank sold €500 million of 2.375% sustainability covered bonds due 2026 (AAA/AAA), according to a market source.
The notes priced at 99.905 to yield 2.405%, or 27 basis points over mid-swaps.
Final book size was above €650 million, excluding joint lead managers’ interest.
The lender selected BNP Paribas, Citigroup, Credit Agricole CIB (bill and deliver), ING, LBBW and Societe Generale as joint bookrunners for the Regulation S notes.
The notes are backed by Korean residential mortgages.
Kookmin will use proceeds to finance new loans or refinance existing loans that have been issued within 24 months prior to the issue date and which fall under the green and social eligible categories as identified in the bank’s sustainable financing framework.
The lender is based in Seoul.
| Issuer: | Kookmin Bank
|
| Amount: | €500 million
|
| Issue: | Sustainability covered bond
|
| Maturity: | Jan. 27, 2026
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| Bookrunners: | BNP Paribas, Citigroup, Credit Agricole CIB, ING, LBBW and Societe Generale
|
| Co-managers: | Helaba, Natixis
|
| Coupon: | 2.375%
|
| Price: | 99.905
|
| Yield: | 2.405%
|
| Spread: | Mid-swaps plus 27 bps
|
| Call features: | Non-callable
|
| Trade date: | June 20
|
| Settlement date: | June 27
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
| Distribution: | Regulation S
|
| ISIN: | XS2488807244
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