Naver Raises $1.1B Through Dual-Currency Green Bond Issuance, 9.3x Oversubscribed

Gate News message, April 15 — South Korean internet company Naver announced on April 15 that it successfully raised approximately 1.6 trillion won ($1.1 billion) through a dual-currency green bond issuance in U.S. dollars and euros. The offering attracted investor demand exceeding 9.3 times the issuance size, with 437 global investors placing orders totaling over $10 billion.

The issuance comprised two tranches: a 5-year $500 million U.S. dollar bond at 4.375% and a 7-year €500 million euro bond at 3.750%. This marks the first simultaneous dollar and euro bond issuance by a South Korean private company in approximately six years since 2020. The 7-year euro bond represents the first such offering by a Korean private firm, reflecting Naver's expanding influence in European markets following acquisitions such as Wallapop.

The bonds were priced at T+60bps for the dollar tranche and MS+93bps for the euro tranche, achieving what underwriters described as a "reverse premium" with negative new issue premium. The dollar bond recorded the lowest 5-year issuance spread among Korean private companies to date. Investors included green-focused asset managers, global institutional investors, commercial banks, and pension funds.

Proceeds will be allocated to green projects including eco-friendly data centers and energy efficiency improvements. CFO Kim Hee-chul stated, "Despite ongoing geopolitical uncertainties, we successfully completed Naver's first dual-currency issuance, reaffirming global investor confidence. This issuance expands our investor base beyond Asia into Europe, supporting our continued evolution as a global platform."