Shinhan Bank’s $6 Billion GMTN Program Update and $500 Million Climate Bonds Offering

Simpson Thacher advised BNP Paribas, Citigroup Global Markets Inc., Credit Suisse (Hong Kong) Limited, The Hongkong and Shanghai Banking Corporation Limited, Mizuho Securities Asia Limited, Shinhan Investment and The Hongkong and Shanghai Banking Corporation Limited Corp as dealers and joint lead managers on the deal.

Shinhan Bank executed the update of US$6 billion Global Medium Term Note program.

In addition, Shinhan Bank completed the offering of US$500 million 4.375% Basel III-Compliant Tier II Subordinated Climate Bonds Initiative Certified Notes due 2032  under its Global Medium Term Note program. The offering constitutes a “Sustainable Development Goals” bond offering and marks the first climate bond offering in South Korea. The offering was conducted in reliance upon Rule 144A and Regulation S under the U.S. Securities Act of 1933, as amended.

Shinhan Bank is one of the leading commercial banks in Korea providing a wide range of commercial and other banking services to retail and corporate customers primarily in Korea and, to a lesser extent, in select overseas markets. Shinhan Bank is the flagship subsidiary of Shinhan Financial Group, one of the leading financial holding companies in Korea with shares listed on the Korea Exchange and the New York Stock Exchange.

The Simpson Thacher team for the transaction included Jin Hyuk Park (Picture), Joongwon Park, William Son and Chanik Park (Corporate – Hong Kong); Jonathan Cantor and Scott Grundei (Tax); and Jennie Getsin (Blue Sky). 

Involved fees earner: William Wooseong Son – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; Scott Grundei – Simpson Thacher & Bartlett; Joongwon Park – Simpson Thacher & Bartlett; Chanik Park – Simpson Thacher & Bartlett; Jin Hyuk Park – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: BNP Paribas; Citigroup Global Markets Ltd; Crédit Agricole Corporate and Investment Bank; Credit Suisse Hong Kong Limited; JP Morgan Securities; Shinhan Investment Corp; The Hong Kong and Shanghai Banking Corporation Limited;


Author: Youness Semri