Shinhan Financial Group’s $5 Billion GMTN Program Update and $500 Million Social Bonds Offering

Simpson Thacher, acting as sole international counsel, represented the dealers and joint lead managers on the deal.

Shinhan Financial Group completed the update of its US$5 billion Global Medium Term Note program.

Shinhan Financial Group also executed an offering of $500 million 1.35% Senior Notes due January 10, 2026, under its Global Medium Term Note program.

The bonds have been issued as “COVID-19 Resilience Social Bonds”, and Shinhan Financial Group intends to allocate the net proceeds from the offering to support small and medium-sized enterprises and underprivileged individuals affected by the COVID-19 pandemic. The offering was conducted in reliance upon Rule 144A and Regulation S under the U.S. Securities Act of 1933, as amended.

BNP Paribas, Crédit Agricole Corporate and Investment Bank, J.P. Morgan Securities plc, Mizuho Securities Asia Limited, Merrill Lynch International and Shinhan Investment Corp. acted as dealers for the Program Update and as joint lead managers for the Bonds Offering.

Shinhan Financial Group is one of the leading financial holding companies in Korea with principal operations in commercial banking, credit card services, securities brokerage and life insurance services and shares listed on the Korea Exchange and the New York Stock Exchange.

The Simpson Thacher team for the transaction included Jin Hyuk Park (Picture), Joongwon Park and Chanik Park (Corporate – Hong Kong); Jonathan Cantor and Zachary Fialkow (Tax); Jeanne M. Annarumma (ERISA); and Jennie Getsin (Blue Sky).

Involved fees earner: Jeanne Annarumma – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Zachary Fialkow – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; Joongwon Park – Simpson Thacher & Bartlett; Jin Hyuk Park – Simpson Thacher & Bartlett; Chanik Park – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: BNP Paribas; Crédit Agricole Corporate and Investment Bank; J.P. Morgan Securities LLC; Merrill Lynch International; Mizuho Securities Asia Limited; Shinhan Investment Corp;

Author: Michael Patrini