Industrial Bank of Korea has raised US$500 million via bonds to finance socially-responsible projects, Yonhap News Agency reported July 27.

The three-year social bonds were priced at 60 basis points above the three-month LIBOR. Part of the proceeds will also be used to refinance €500 million of notes due in October.

The social bonds were the first such overseas issuance by any South Korean financial institution, the report said.