Kyobo Life Insurance’s $500 Million Offering

Cleary Gottlieb represented Kyobo Life Insurance in a $500 million offering of 3.95 percent subordinated capital securities under Rule 144A and Regulation S. 

J.P. Morgan, Citigroup, Nomura and UBS served as joint book-runners and joint lead managers for the offering, which closed on July 24, 2017.

The offering, which was Kyobo Life Insurance’s inaugural cross-border securities offering, constituted the first international offering of hybrid securities recognized as regulatory capital by a Korean life insurance company.

Kyobo Life Insurance is the third-largest life insurance company in Korea in terms of both asset size and gross premiums, and offers a comprehensive range of life insurance and investment products to retail and institutional customers through a multi-channel distribution and marketing platform.