Commentary & Deal Flow

Reoffer: 5yr: T+60bp / 99.433 / 4.503%
Benchmark: 5yr: T 3.875 31-Mar-31 @ 99-28 / 3.903% / HR 99%

Launched: 5yr: US$500m @ T+60bp
Guidance: 5yr: T+60bp
IPTs: 5yr: T+100a

• Issuer: NAVER Corporation
• Issuer Ratings: A3/A- (Moody's/S&P)
• Exp Issue Ratings: A3/A- (Moody's/S&P)
• Status: Fixed Rate, Senior Unsecured
• Format: Reg S Only (Category 2); Registered
• Size: US$500m
• Settlement Date: 21-Apr-26
• Pay Dates: 21-Apr and 21-Oct (First pay-date 21-Oct-26)
• Maturity Date: 21-Apr-31
• Coupon: 4.375%
• Day Count / Business Day Convention: 30/360, Unadjusted / Following Business Day
• Re-offer Price / Yield: 99.433 / 4.503%
• Spread: T+60bp vs T 3.875 31-Mar-31
• UST Price / Yield: 99-28 / 3.903% (HR:99%)
• Terms: US$200k/1k Denoms, New York Law
• Listing: SGX-ST (Singapore Exchange)
• Clearing: CMU with linkage to Euroclear / Clearstream
• 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
• Joint Bookrunners: Crédit Agricole CIB, HSBC (B&D), Morgan Stanley and Standard Chartered Bank
• ISIN: HK0001277489
• TOE: 22:28 HKT