SEOUL, Sept. 10 (Korea Bizwire) — Hyundai Card Co., a leading credit card issuer in South Korea, said Thursday it has locally issued green bonds worth 450 billion won (US$379 million).
The won-denominated green bonds, which were sold to domestic institutional investors, will come due in 14 months to 10 years, the card company said.
Green bonds are designed to raise money to support environmental projects and other eco-friendly infrastructure schemes.
Hyundai Card said the proceeds will be used to provide financing for electric, hydrogen, hybrid and other eco-friendly vehicles produced by Hyundai Motor Co. and Kia Motors Corp., South Korea’s top two automakers.
It marks Hyundai Card’s second green bond sale in about one year. In August last year, the company sold green bonds worth 240 billion won.
Hyundai Card has raised 1.7 trillion won through green bond sales since last year.
Hyundai Card is the credit card arm of auto giant Hyundai Motor Group, whose flagships are Hyundai Motor and Kia Motors.