Simpson Thacher, acting as sole international counsel, represented BNP Paribas, Citigroup Global Markets Inc., Credit Suisse (Hong Kong) Limited, The Hongkong and Shanghai Banking Corporation Limited, Mizuho Securities Asia Limited and Shinhan Investment Corp., as dealers, in connection with the update of the US$5 billion Global Medium Term Note program of Shinhan Financial Group. In addition, Simpson Thacher, acting as sole international counsel, represented BNP Paribas, Citigroup Global Markets Inc., Credit Suisse (Hong Kong) Limited, The Hongkong and Shanghai Banking Corporation Limited, Mizuho Securities USA LLC and Shinhan Investment Corp., as joint lead managers, in connection with the offering of US$500 million 2.875% Tier I Sustainability Subordinated Notes by Shinhan Financial Group under its Global Medium Term Note program. The bonds have been issued as “Sustainability Bonds,” and Shinhan Financial Group intends to allocate the net proceeds from the offering to finance or refinance projects from a combination of Green Eligible Categories and Social Eligible Categories in accordance with Shinhan Financial Group’s Sustainable Development Goals Financing Framework and allocate part of the net proceeds 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.
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, Joongwon Park, William Son and Chanik Park (Corporate – Hong Kong); Jonathan Cantor and Scott Grundei (Tax); Jeanne M. Annarumma (ERISA); and Jennie Getsin (Blue Sky).