Woori Card Issues $200 Million Overseas ESG Bonds
Woori Financial Group's ESG Management Initiative... First Domestic Credit Card Company to Issue Overseas ESG Formosa Bond
5-Year Maturity, USD 200 Million Scale
Proceeds to Support Funds for Small and Micro Businesses
[Asia Economy Reporter Ki Ha-young] Woori Card announced on the 12th that it will issue overseas ESG (Environmental, Social, and Governance) bonds worth USD 200 million to provide financial support to small and micro merchants. This is the first ESG Formosa bond issued by a domestic specialized credit finance company and Woori Card's first public bond issuance.
The maturity is 5 years, and the interest rate was set at the 5-year US dollar government bond rate plus 1.00%. This bond is the first fixed-rate bond in the Formosa market issued in response to the abolition of LIBOR. It is regarded as a significant achievement demonstrating that fixed-rate bonds can also be issued in the Formosa market.
Global financial institutions Cr?dit Agricole, HSBC, and Soci?t? G?n?rale jointly underwrote the bond, which was simultaneously listed on the Singapore Exchange (SGX) and the Taiwan Stock Exchange (TPEx), increasing the range of investors and liquidity by making it easier for investors on both exchanges to trade the bonds.
The funds raised will be used to create social value, such as advancing the payment settlement period for card payment proceeds to small and micro merchants struggling due to the spread of the COVID-19 virus.
A Woori Card official stated, “Despite the anxiety caused by increased volatility in the global financial markets recently, we were able to successfully finalize the issuance conditions thanks to Woori Card’s high external credibility and strong investor interest in ESG bonds.”
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Meanwhile, Formosa bonds are bonds issued by foreign institutions in the Taiwan capital market in currencies other than the local currency, the Taiwan dollar, and ESG bonds are special-purpose bonds issued to create social value, such as financial support for small and micro merchants.
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