Naver has successfully issued global green bonds denominated simultaneously in US dollars and euros.

According to Naver on the 15th, the US dollar bond was issued with a 5-year maturity and a size of USD 500 million, while the euro bond was issued with a 7-year maturity and a size of EUR 500 million. This is the company’s first US dollar bond issuance in about five years since 2021, and also Naver’s first euro-denominated bond issuance.

This is the first case in about six years since 2020 of a domestic private company issuing US dollar and euro bonds simultaneously. In particular, the 7-year euro tranche is the first such issuance by a domestic private company. This is seen as a result of Naver’s recognition of business value as it expands its influence in the European market through initiatives such as the acquisition of Wallapop.

Naver attracted more than USD 10 billion in investor orders, equivalent to 9.3 times the final issuance size, from a total of 437 global investors including green-focused asset managers, large global asset management firms, commercial banks and pension funds. As a result, the coupon rates were set at 4.375% for the 5-year US dollar bond, equivalent to T+60bps, and 3.750% for the 7-year euro bond, equivalent to MS+93bps.

Naver plans to use the proceeds from this issuance for eco-friendly projects such as green data centers and energy efficiency improvements. In addition, the company aims to broaden its contact points with European investors while further strengthening its presence in the euro market over the long term.

Kim Hee-chul, CFO of Naver, said, “Despite ongoing geopolitical uncertainties, we successfully completed Naver’s first dual-currency issuance, once again confirming the interest and trust of global investors,” adding, “Building on this issuance, we will expand our investor base from Asia to Europe and continue our advancement as a global platform, supported by the international capital market.”

Meanwhile, the bonds were assigned credit ratings of A3 (stable) and A- (stable) by global credit rating agencies Moody’s and Standard & Poor’s, respectively.

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