KB Kookmin Bank Issues KRW 330 Billion Sustainable Perpetual Subordinated Bonds
Scheduled for Use in ESG Areas Including Support for Small and Medium Enterprises
[Asia Economy Reporter Park Sun-mi] KB Kookmin Bank announced on the 17th that it has issued 330 billion KRW worth of Korean won amortizing contingent capital securities (subordinated bonds).
The bonds issued this time successfully attracted a total bid of 420 billion KRW in the demand forecast conducted on the 10th of last month amid high market interest, based on KB Kookmin Bank's excellent external creditworthiness and financial stability. Accordingly, KB Kookmin Bank decided to increase the issuance by 30 billion KRW from the initially planned 300 billion KRW to 330 billion KRW.
The maturity of the bonds is 10 years, and the issuance interest rate was set at an annual 2.58%, which is the 10-year government bond yield plus 50 basis points.
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A KB Kookmin Bank official stated, "We issued sustainable subordinated bonds as part of efforts to improve the BIS ratio and ESG (Environmental, Social, and Governance) management policies," adding, "The funds raised this time will be used in ESG areas such as supporting small and medium-sized enterprises that have recently faced difficulties due to COVID-19."
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