Issuance of Kyobo Securities 421st ELB (Normal Risk): KRW 3 billion, face value KRW 10,000, 300,000 units, underlying asset NAVER common stock
Principal guaranteed at maturity (100% of face value), monthly coupon: 0.47% (5.64% p.a.) if closing price >= 85% of initial reference price on each monthly evaluation date (max 36 payments)
Automatic early redemption: Evaluated every 6 months, if price >= 102% of initial, redeemed at 100% of principal
Issuer credit rating AA- (Korea Ratings / KIS, June 2025). Unlisted; early redemption may incur principal loss