Hyundai Card Issues $500 Million Overseas Dollar-Denominated Bonds

5-Year Single Maturity Bond... Final Spread 135bp

Hyundai Card announced on the 19th that it has issued dollar-denominated bonds worth $500 million (695.2 billion KRW) targeting the Asian and European markets.

The newly issued dollar-denominated bonds are a single 5-year maturity issue with a final spread of 135 basis points (bp = 0.01 percentage points). This is 35 bp lower than the initial offered spread of 170 bp. Over 50 global top-tier investment institutions participated in the bond issuance offering, generating total investment demand of $3.2 billion. The lead managers are BNP Paribas, Citi, Cr?dit Agricole, and JP Morgan.

Earlier this year, Hyundai Card received an excellent credit rating from global credit rating agencies. It was evaluated as a highly important subsidiary within Hyundai Motor Group and expected to continue sound growth based on stable risk management.

Going forward, Hyundai Card plans to diversify its funding sources overseas. In particular, since last year it obtained the same credit rating of A+ (positive outlook) from JCR, one of Japan’s leading credit rating agencies, as its parent company Hyundai Motor, the possibility of bond issuance in the Japanese market has increased.

A Hyundai Card official stated, “The need to diversify funding sources has grown due to steady membership growth and business expansion,” adding, “Hyundai Card will continue close communication with global investors as a regular issuer of overseas bonds in the future.”