South Korea’s Hana Bank has issued 500 million euros ($606.5 million) five-year social bonds with below-zero interest rate.

The social bond bears interest at a fixed rate of -0.170 percent per annum, Hana Bank said on Wednesday. The coupon is the lowest of all euro-denominated debts sold by Korean firms.

The bond is rated the highest AAA by global credit rating agencies Standard & Poor’s and Fitch Ratings. Its proceeds will be used to finance social projects such as supporting low-income households.

BNP Paribas, Citigroup, JP Morgan, Societe Generale, Credit Agricole Securities were joint bookrunners.

By Kim Yoo-shin and Cho Jeehyun

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