NongHyup Bank’s $500 Million Offering

Cleary Gottlieb represented BNP Paribas, Citigroup, HSBC, BofA Merrill Lynch, and Société Générale, as joint bookrunners and joint lead managers, and NH Investment & Securities Co. Ltd., as co-manager, in a Rule 144A/Reg. S offering by NongHyup Bank of $500 million 1.25% senior unsecured COVID-19 response social notes due 2025 under its $8 billion global medium-term note program.

The notes were listed on the Singapore Stock Exchange. The offering priced on July 13, 2020, and closed on July 20, 2020.

NongHyup Bank is a nationwide commercial bank as well as a specialized bank for agricultural and rural finance operations in Korea and is an indirect wholly owned subsidiary of the National Agricultural Cooperatives Federation, which, in turn, is wholly owned by member agricultural cooperatives that represent nearly all of the farmers in Korea. Its principal business activities involve providing policy loans to farmers in furtherance of the Korean government’s national agricultural policy as well as other credit and related financial services to individuals, small- and medium-sized enterprises, and large corporate customers. It also provides a full range of deposit products and related services to both individuals and enterprises, including local governments and other government-related organizations.