Kyobo Securities Issues KRW 20bn KOSPI200-Linked ELBs (Neutral)

Kyobo Securities issues 50227th and 50228th series Equity-Linked Bonds (ELB) totaling KRW 20bn (KRW 10bn each)
Underlying: KOSPI200 index, maturity May 16, 2029 (3 years), face value KRW 10,000
Series 50227: at maturity, if KOSPI200 >= 100% of initial, 21.40% return; if < 100%, 3.00% return (pre-tax)
Series 50228: at maturity, if >= 100%, 24.30% return; if < 100%, 0.50% return (pre-tax)
Both have early redemption options (semi-annual if conditions met); issuer credit rating AA- (Korea Ratings/KIS)
Not covered by deposit insurance, unlisted, early redemption at 90-95% of fair value may cause principal loss
Proceeds to be used for hedging and financial investments