Kookmin Bank, one of the largest banks in South Korea, issued its third Euro-denominated covered bond in June 2022. The €500 million ($545.8 million) bond was backed by residential mortgages

All proceeds from the covered bond will be used to finance new loans or refinance existing loans to renewables and other green and social categories. This includes: energy efficiency, pollution prevention and control, clean transportation, affordable basic infrastructure, affordable housing and sustainable water management.

The framework was reviewed by Sustainalytics who confirmed it is aligned with the core components of the Green Bond Principles, Social Bond Principles, Sustainability Bond Guidelines and the Green Loan Principles.

The final orderbook closed above target across all regions and investor types and saw particular interest from bank treasuries and pension funds.

It previously won the award back in 2021. Once again, ING acted as a bookrunner for the bank, led largely by its debt capital markets team and the sustainable finance team.