Clifford Chance and Lee & Ko advised on KEB Hana Bank’s US$100 million digital bond issuance.

KEB Hana Bank issued US$100 million Floating Rate Digitally Native Notes due September 2031, referencing SOFR and rated A+ by Standard & Poor’s, under its US$10 billion Global Medium Term Note Programme.

The issuance represents KEB Hana Bank’s inaugural digital bond, the first ever digital bond issuance from an issuer in South Korea to be settled and cleared on Euroclear’s D-FMI and the first digital bonds to be listed on the Singapore Stock Exchange.

The issuance was completed on a T+0 basis, with pricing, signing and closing all taking place on the same day.

Clifford Chance acted as transaction counsel on the issuance, advising Standard Chartered Bank as Sole Dealer and Citibank N.A., London Branch as DNN Agent and Fiscal Agent.

The international team advising Standard Chartered Bank as Sole Dealer was led by Partner Stuart Ure, Counsel Alexander Tollast, with support from Counsel Alekhya Prakash, Associate Veronica Valerio, Counsel Claire Neo and Associate Chak Ching Lau.

A separate Clifford Chance team advised Citi as DNN Agent and Fiscal Agent, led by Partner Bruce Kahl, together with Senior Associates Andrew Whelan and Struan Murray.

Lee & Ko advised the issuer, KEB Hana Bank, as to matters of the laws of South Korea.