Hyundai Motor Securities Issues 5B Won ELS (Non-Guaranteed, Very High Risk)

Hyundai Motor Securities issues 5B won ELS (500,000 shares, 10,000 won each), expected issuance Feb 13, 2026
Underlyings: Tesla (TSLA), Palantir (PLTR) common stocks (NASDAQ)
Principal non-guaranteed, highest risk rating, max loss 100% (total loss possible)
Auto early redemption: 1st 75% (6m), 2nd 75% (1yr), 3rd 70% (1.5yr), 4th 70% (2yr), 5th 65% (2.5yr), maturity 60% (3yr)
Annual return 10.1% (pre-tax), maturity 30.3% (3yr)
Knock-In: loss if any underlying falls below 15% of initial price (loss proportional to worst performer)
Issuer credit rating: AA- (Korea Ratings, KIS, NICE)
Unlisted; early redemption possible but may incur loss
Issuance may be canceled if total subscription < 5B won
Historical simulation: 0% loss cases (not a prediction of future returns)