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Woori Financial Group headquarters in Seoul (Woori Financial Group) |
Major South Korean card issuer Woori Card Co. said Friday it has floated $200 million worth of environment, social and governance (ESG) bonds in Taiwan to help support small member stores.
The five-year Formosa bonds carry an annual interest rate equal to the yield on five-year US Treasurys plus a spread of 1 percent, and will be listed simultaneously on the Singapore Exchange and the Taipei Exchange.
Formosa refer to bonds issued in Taiwan but denominated in a currency other than the Taiwanese dollar, and ESG bonds are a type of sustainability debt offering aimed to finance corporate activities in environmentally friendly and sustainable projects.
Woori Card said it will use its proceeds to provide financial support to small and medium-sized member merchants hit hard by the prolonged coronavirus pandemic.
Woori Card, the card arm of Woori Financial Group, added it has succeeded in issuing the ESC bonds at favorable terms thanks to its high creditworthiness and investor interest, despite increased volatility of the global financial market. (Yonhap)
