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Commentary & Deal Flow

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Naver Corp (NHNCOR) EUR500m Apr 26 1-pt

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Naver Corp

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Naver Corp

by Jp Albin

Apr 14, 2026 10:51 AM ET

ALLOCATIONS OUT: Naver Corp €500m 7yr Green Sr Unsec; MS+93bp

IGC European Market: Deal Flow - General

Issuer	Term	Maturity	Size	Ranking	Type	IPT	Guidance	Spread Set	ISIN
Naver Corp	7yr	21-Apr-33	€500m	Sr Unsec	Green	MS+130a	MS+100a	MS+93	XS3324309049

Final Books over €3.25bn. Peak book over €3.5bn (pre-rec)
Spread set at: 7yr: MS+93bp
Guidance: 7yr: MS+100a - Books over €3.5bn (pre-rec)
IPTs: 7yr: MS+130a

Issuer: Naver Corp
Ticker: NHNCOR
Expected Issue Ratings: A3/A- (Moody's/S&P)
Format: Reg S
Size: €500m
Ranking: Senior Unsecured
Maturity Date: 21-Apr-33 (7 years)
Use of Proceeds: An amount equal to the net proceeds will be allocated toward the financing and/or refinancing, in whole or in part, of new and/or existing projects from the Eligible Green Categories in accordance with NAVER’s Sustainable Finance Framework published in April 2026
Settlement: 21-Apr-26
Coupon: Annual
Day Count: Act/Act (ICMA)
Denominations: €100k x €1k
ISIN: XS3324309049
Bookrunners: CA-CIB, HSBC (B&D), MS, StanChart
Reference Gilt: DBR 2.3 2033 (HR 100%)
Hedge Deadline: 16.00 UKT
Target Market: Eligible counterparties and professional clients only (all distribution channels)
Books Subject: 12:10 UKT
Notes: Green Bond