Industrial Bank of Korea’s $600 Million Takedown

October 4, 2023

Cleary Gottlieb represented BofA Securities, Crédit Agricole CIB, HSBC, Mizuho, Natixis, and UBS, as the joint bookrunners and lead managers, in a Rule 144A/Reg S offering by Industrial Bank of Korea of $600 million 5.375% notes due 2028 under its $8 billion global medium-term note program.

The deal closed on October 4, 2023.

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.