Kim & Chang provided comprehensive legal advice on Korean law to joint underwriters concerning Shinhan Bank’s issuance of Formosa Green Covered Bonds, based on experience and expertise in handling various domestic and international covered bond transactions. As a result, Shinhan Bank successfully issued a USD 400 million floating rate green covered bond in the Taiwanese stock market.

This marked the first-ever Formosa covered bond issuance. Targeted at Taiwanese investors, unfamiliar with the covered bond structure, it represented the first hard bullet repayment structure covered bond issued by a Korean bank. Additionally, our firm assessed various risk factors associated with the implementation of the Act on the Management of Personal Financial Debts and Protection of Personal Financial Debtors, which became effective on October 17, 2024, just prior to the bond’s issuance, ensuring that all legal and regulatory considerations were addressed.