Posco Holdings (KRX:005490) raised $700 million through its first global green bond issuance since transitioning to a holding company, securing $400 million in five-year and $300 million in 10-year bonds, the South Korean steelmaker said Tuesday.

The offering secured $6.6 billion in orders from 291 institutions, leading to tighter final spreads of 137.5 basis points and 157.5bp, the release said.

Proceeds from the bond issuance will fund Posco's energy materials business, it said.

Shares of Posco Holdings fell nearly 1% at market close on Wednesday, April 30.