First Time to Issue ESG Bonds
Korea Gas Corp. (KOGAS) announced on July 10 that it has successfully issued sustainable bonds worth US$500 million.
This marked the first time that KOGAS issued sustainable bonds. KOGAS became the first state-run corporations to issue 10-year environmental, social and governance (ESG) bonds. ESG bonds are issued to finance eco-friendly or social value creation projects, and sustainable bonds are a type of ESG bonds.
"Amid growing uncertainties at home and abroad due to the U.S.-China trade dispute, KOGAS held strategic road shows in Hong Kong, Singapore, London, and New York to enhance investors’ awareness of its role as a representative energy corporation in Korea. We publicized our roles in supporting the government's green energy policies, which received a favorable response from investors," a KOGAS official said.
A a total of 136 institutional investors placed orders worth 5.6 times the amount of the public offering.
By region, Asian investors accounted for 50 percent, U.S. investors 32 percent and European and Middle East investors 18 percent. Many of them were professional investors in the sustainability sector.