Korea's Posco said it has raised 50 billion won (US$553 million) by selling yen-denominated Samurai bonds to fund its investment in a Brazilian ore miner Namisa to secure raw material imports.

The placed Samurai bonds, trading in Japan by non-Japanese firms, will mature in three years with 1.6 percent interest rate above Yen Tibor.

Posco decided in October to spend about US$500 million to purchase a 6.48 percent stake in Namisa. The successful bond sale means that Posco's high credibility in the international financial market when the international funding is squeezing during the economic downturn.