NAVER Successfully Issues Simultaneous US Dollar and Euro Green Bonds, Expanding European Investor Base Through First Euro Bond
NAVER Successfully Issues Simultaneous US Dollar and Euro Green Bonds, Expanding European Investor Base Through First Euro Bond
NAVER Successfully Issues Simultaneous US Dollar and Euro Green Bonds, Expanding European Investor Base Through First Euro Bond
- NAVER raises approximately KRW 1.6 trillion through its first euro-denominated bond and simultaneous dual-currency issuance, attracting nearly KRW 15 trillion in orders and achieving a 9.3x oversubscription
- Achieving the longest-maturity euro bond among Korean private companies, NAVER expands its investor base beyond Asia to the Eurozone and strengthens its global capital market presence
- Five-year US dollar bond records the lowest issue spread in history for a domestic private company, earning a “reverse premium” evaluation
April 15, 2026
NAVER Corp. (Choi Soo-yeon, NAVER CEO) announced on April 15 the successful simultaneous issuance of global Green Bonds in both US dollars and euros. Marking the company’s first euro-denominated bond issuance, this transaction also represents its first US dollar-denominated bond issuance since 2021.
Structured in two tranches, the issuance consists of a five-year USD 500 million bond and a seven-year EUR 500 million bond. Valued at approximately USD 1.1 billion (roughly KRW 1.6212 trillion based on the April 14 exchange rate of KRW 1,489.80 per USD), this issuance represents the first simultaneous US dollar and euro bond issuance by a domestic private company since 2020. Notably, the seven-year euro tranche stands as the first of its kind issued by a Korean private enterprise. This milestone reflects recognition of NAVER’s expanding business value and influence in the European market, driven by initiatives such as its acquisition of Wallapop. The transaction is expected to serve as a significant milestone for Korean firms seeking mid-to-long-term funding in the Eurozone.
Despite a highly volatile geopolitical climate, NAVER reaffirmed the strong trust it commands among global investors, underpinned by its distinct competitiveness as a global platform. The company secured over USD 10 billion in orders from 437 global investors, spanning large asset managers, green-focused asset managers, commercial banks, and pension funds, representing an oversubscription of 9.3 times the final issuance size. Driven by this robust demand, issuance yields were finalized at 4.375% (T+60 bps) for the five-year dollar bond and 3.750% (MS+93 bps) for the seven-year euro bond. According to the lead managers, the new issue premium typically required for new bonds formed at a negative level, achieving a “reverse premium.” As a result, the dollar bond recorded the lowest five-year issuance spread in history for a South Korean private enterprise.
[Note] bps (basis points): A unit used to measure changes in interest rates and spreads, where 1 bp equals 0.01 percentage point.
Proceeds raised through this issuance will be allocated to eco-friendly projects, including sustainable data centers and energy efficiency improvements. Furthermore, the company plans to broaden its touchpoints with European investors while further solidifying its presence in the euro market.
“Successfully completing NAVER’s first dual-currency issuance amid ongoing geopolitical uncertainties has once again confirmed the interest and trust from global investors,” said Kim Hee-cheol, NAVER CFO. “Leveraging this issuance, we will expand our investor base beyond Asia into Europe and, backed by the support of the international capital market, continue our leap forward as a global platform.”
Prior to this Green Bond issuance, NAVER newly established and published its Sustainable Finance Framework in April 2026, securing a Second Party Opinion from the global credit rating agency Moody’s. The bond issuance received ratings of A3 (Stable) from Moody’s and A- (Stable) from Standard & Poor’s (S&P), underscoring NAVER’s strong creditworthiness and stable financing capabilities.
