Naver Issues $1.1B Green Bonds & Launches Fashion App

Seoul, South Korea — Naver Corp. announced Wednesday the issuance of approximately $1.1 billion in dual-currency green bonds and the launch of a new curated fashion e-commerce service, KNOCKIT.

The debt offering consists of a $500 million five-year tranche with a yield of 4.375% (T+60bps) and a €500 million seven-year tranche yielding 3.750% (MS+93bps).

The issuance generated over $10 billion in orders from 437 institutional investors, representing an oversubscription of 9.3 times the base size, according to the company.

This transaction marks Naver's first euro-denominated bond and the first seven-year euro bond issued by a South Korean private company.

The total issuance is valued at KRW 1.6212 trillion, based on the April 14 exchange rate.

Naver stated that proceeds will fund environmentally focused projects, such as eco-friendly data centers and energy efficiency improvements.

Naver CFO Hee-chul Kim said the dual-currency issuance is part of a strategy to grow the company’s investor base in Europe, following its acquisition of the European marketplace Wallapop.

The bonds received A3 and A- ratings from Moody’s and Standard & Poor’s, respectively.

Separately, Naver launched KNOCKIT, a curated contemporary fashion platform.

The service recommends apparel based on user data and use-case scenarios.

Naver plans to integrate an AI-powered shopping agent to automate personalized recommendations based on purchase history.

The platform features live commerce and currently hosts contemporary brands including Pottery, Dragon Diffusion, and Mardi Mercredi, as well as 30 specialized retail curators.

Naver plans to release exclusive merchandise through the platform on a rolling basis, including a cap in collaboration with Wooyoungmi scheduled for April 20.