Woori Bank Issues 300 Billion KRW ESG Subordinated Bonds
[Asia Economy Reporter Kim Jin-ho] Woori Bank announced on the 13th that it has successfully issued KRW 300 billion worth of won-denominated ESG (Environmental, Social, and Governance) subordinated bonds (contingent capital securities).
This ESG subordinated bond is a sustainable bond combining a 'Green Bond' used for green finance such as renewable energy development and a 'Social Bond' aimed at supporting socially vulnerable groups. With this issuance, Woori Bank's Bank for International Settlements (BIS) ratio is expected to increase by 0.20 percentage points from 17.34% at the end of last year to 17.54%.
The bond has a maturity of 10 years and was issued at a fixed annual interest rate of 2.64%. The issuance interest rate is the 10-year government bond yield plus an issuance spread of 0.50 percentage points. The issuance spread is the lowest level among bonds issued since the introduction of Basel III.
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A Woori Bank official explained, "Despite an unfavorable issuance market due to remarks on interest rate hikes by U.S. Treasury Secretary Janet Yellen, we successfully issued the bonds based on the holding company's transition, record quarterly earnings, and the trust of institutional investors."
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