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Yulchon Advised IBK on GMTN Programme Update and USD 800 Million Social Notes Issuance

2024.09.30.

Yulchon advised the Industrial Bank of Korea (“IBK”) on the update of its U.S.$8 billion Global Medium-Term Note (“GMTN”) Programme and the subsequent issuance of U.S.$500 million 4.000% Social Notes due 2029 and U.S.$300 million Floating Rate Social Notes due 2027 under the Programme.


For the GMTN Programme update, Yulchon conducted comprehensive legal due diligence on IBK and reviewed the Offering Circular to ensure that material changes in the bank’s financial, operational and regulatory circumstances were accurately reflected. Yulchon also issued the required legal opinions, providing legal assurance that the updated Programme complied with applicable legal and regulatory requirements and international capital markets standards.


Yulchon subsequently advised IBK on the dual-tranche U.S.$800 million social notes issuance. The team reviewed the transaction documents, addressed disclosure and regulatory requirements applicable to the cross-border offering, and issued takedown opinions necessary for the successful completion of the transaction. Yulchon provided timely legal support throughout the issuance process to protect IBK’s interests and facilitate execution in the international capital markets.


The transaction enabled IBK to maintain and expand its access to global funding while advancing its social finance objectives through the issuance of social notes. Yulchon’s work on both the Programme update and the subsequent notes issuance demonstrates its experience in complex cross-border capital markets transactions and its ability to provide integrated advice across programme maintenance, regulatory compliance and individual debt issuances.