Industrial Bank of Korea in $300 Million Takedown
February 7, 2017
Cleary Gottlieb represented Commerzbank, Goldman Sachs, HSBC, MUFG and Nomura as the joint bookrunners and lead managers and IBK Securities as co-manager in a Reg S offering by Industrial Bank of Korea.
The offering consisted of $300 million of 2.250 percent senior notes due 2020 under the IBK’s $8 billion global medium-term note program. The deal closed on February 6, 2017
The Industrial Bank of Korea, established pursuant to the Industrial Bank of Korea Act, was incorporated in 1961 by the Korean government to provide development finance and related banking services to small and medium-sized Korean enterprises. As a specialized bank that serves the government’s public policy objectives, Industrial Bank of Korea is treated as a special juridical entity and is not subject to certain laws regulating commercial banks.