Naver Issues Dollar and Euro Green Bonds Simultaneously, Raising 1.6 Trillion Won

by Seo Sojeong

Published 15 Apr.2026 10:06(KST)

First-Ever 7-Year Euro-Denominated Bond Issued by a Korean Private Company

Yonhap News Agency

NAVER announced on April 15 that it has issued global green bonds simultaneously denominated in US dollars and euros. This marks NAVER's first-ever issuance of euro-denominated bonds and its first dollar-denominated bond issuance in approximately five years since 2021.

This issuance comprises two tranches: a dollar-denominated bond and a euro-denominated bond. The dollar bond is a 5-year maturity totaling 500 million dollars, while the euro bond is a 7-year maturity totaling 500 million euros. The combined value amounts to approximately 1.1 billion dollars (about 1.6212 trillion won). It is the first time in about six years, since 2020, that a Korean private company has issued both dollar and euro bonds simultaneously.

Notably, the 7-year euro-denominated tranche is the first of its kind to be issued by a Korean private company. This is seen as recognition of NAVER's business value, as the company continues to target the European market through initiatives such as the acquisition of Wallapop. NAVER expects this issuance to serve as a significant milestone in expanding the scope of euro-denominated funding for Korean companies to longer maturities.

The coupon rates were set at 4.375% for the 5-year dollar bonds and 3.750% for the 7-year euro bonds.

According to the bookrunners, the new issuance premium, which is typically required for new bonds, was set at a negative level for this offering, so-called a 'reverse premium.' As a result, the spread for the 5-year dollar bonds was the lowest ever recorded for a Korean private company.

NAVER plans to use the proceeds from this issuance to fund eco-friendly projects, including green data centers and improvements in energy efficiency. Additionally, the company aims to strengthen its presence in the euro market while expanding its engagement with European investors.

Heecheol Kim, Chief Financial Officer of NAVER, stated, "Despite ongoing geopolitical uncertainties, we successfully completed NAVER's first dual-currency bond issuance, reaffirming the interest and trust of global investors. Building on this issuance, we plan to expand our investor base beyond Asia to Europe and continue our leap forward as a global platform, thanks to the support of the international capital market."

Meanwhile, ahead of this green bond issuance, NAVER established and announced a new sustainable finance management framework this month, and received an external review opinion on the framework from global credit rating agency Moody's. The bonds received credit ratings of A3 (Stable) from Moody's and A- (Stable) from Standard & Poor's (S&P).