Kia s first dedicated electric vehicle, EV6 (Courtesy of Kia)
Kia Corp. has issued its first foreign currency ESG bonds worth $700 million to strengthen its investment in electric vehicles and other eco-friendly initiatives.
According to the investment banking industry on Apr. 13, Kia has issued non-guaranteed, dollar-denominated green bonds for sale to global institutions based outside the US.
The bond issuance marks Kia s second foreign debt after the first set in 2017.
Of the total, $300 million worth of bonds were issued with a maturity of three years, while the other $400 million have a maturity of five and a half years.
The three-year bonds have a yield of 75 basis points above the yield on US treasuries with the same maturity, whereas the five-and-a-half-year bonds have a yield of 90 basis points above the US treasuries yield with the same maturity.
Hyundai Motor Group Chairman Chung Euisun.
Hyundai Engineering Co., an unlisted construction affiliate of the Hyundai Motor Group, is seeking an initial public offering on the Korean bourse, a move widely seen as a precursor to the automotive group’s ownership revamp.
According to the investment banking industry on Apr. 13, Hyundai Engineering last week sent out a request for proposals (RFP) to brokerages interested in managing its planned IPO.
Among the prospective IPO managers are Mirae Asset Securities, Korea Investment & Securities, NH Investment & Securities, Shinhan Investment Corp. and Hana Financial Investment. Citigroup Global Markets Korea, Morgan Stanley, JPMorgan and Credit Suisse have also been asked to submit a bid.
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