Breaking News: Korea Exp-Imp Bank issuing a 5yr AA3 GreenBond (benchmark size: $500m+). Books have just opened

Books have just opened. Joint lead managers are SEB and Bank of America Merrill Lynch.

This will mark the first climate bond out of Korea, coming out at a solid size and rating. The Korean Import-Export Bank has an AA3/A+ investment grade rating. We understand the bond is benchmark size (USD$500 million or larger) but we won't have details about actual issuance or pricing until books close.

The model is the same as the World Bank Green Bonds, pioneered by SEB. Qualifying loan programs are ring-fenced and bond proceeds used to fund them.