Hanwha Investment Securities issues KRW 9.95bn principal-protected ELB linked to KOSPI200

Issuer: Hanwha Investment & Securities (AA-), issuing KRW 9.95bn principal-protected ELB linked to KOSPI200
Structure: 3-year maturity, autocall every 6 months (if underlying >=95% of initial, pays 5.6% p.a.)
Maturity: if underlying >=95%, pays 16.8% (5.6% p.a.); if <95%, pays 100% principal (no loss)
Issue price: KRW 9,950 per KRW 10,000 face (discount), minimum subscription KRW 1mn
Unlisted, early redemption possible (at 95% of fair value, 90% within first 6 months), limited liquidity
Risks: issuer credit risk (unsecured), market disruption, early termination, potential loss on early redemption
Subscription: Feb 13, 2026, restricted to KB Kookmin Bank trust, issue may be cancelled if subscriptions < KRW 1bn