Korea Development Bank prepares three-part offering of notes, including green notes

By Cristal Cody

Chicago, Oct. 18 – Korea Development Bank is in the market with a three-part offering of notes due 2025, 2027 and 2031, according to a 424B5 filing with the Securities and Exchange Commission and more details from a market source.

The 2025 notes will be marketed as green notes. Talk on the green tranche is in the Treasuries plus 40 basis points area.

The spread is expected to come in the Treasuries plus 55 bps area for the 2027 notes and around Treasuries plus 70 bps for the 2031 notes.

The notes will be listed on the Singapore Exchange Securities Trading Ltd.

Joint bookrunners and lead managers for the notes are Citigroup Global Markets Inc., Credit Agricole CIB, HSBC Ltd., KDB Asia Ltd., Mirae Asset Securities Co., Ltd., Mizuho Securities USA LLC and Standard Chartered Bank.

Cleary Gottlieb Steen & Hamilton LLP and Kim & Chang are working as counsel for the issuer.

Linklaters LLP is advising the bookrunners for legal matters.

Proceeds will be used for general operations. Proceeds from the green notes will be used toward financing and/or refinancing new or existing projects from eligible green categories. Sustainalytics provided a second-party opinion.

The bank is based in Seoul, South Korea.

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