Mirae Asset Securities Finalizes 360B KRW Issuance of 85th Unsecured Subordinated Bonds to Refinance Short-Term Debt and Improve Capital Adequacy
Mirae Asset Securities will issue 360 billion KRW (increased from the initial 300 billion) of 85th unsecured subordinated bonds on June 5, 2026, with a coupon rate of 5.20% and a maturity of 6 years (June 4, 2032).
The bonds are rated AA- (stable) by NICE Investors Service and Korea Ratings, indicating a very high capacity to meet financial commitments.
The entire net proceeds (approximately 359.7 billion KRW) will be used to repay maturing short-term debt: 50 billion KRW in electronic short-term bonds and 340 billion KRW in commercial paper (CP) due in June 2026, thereby extending the debt maturity profile.
The issuance will be conducted via direct public offering, exclusively allocated to institutional investors (no retail participation).
As subordinated bonds, in the event of bankruptcy, they rank junior to all senior unsecured debt, and investors should be aware of this subordination risk.
With the finalization of terms, the issuance size increased from 300 billion to 360 billion KRW, and the maximum subscription limit per investor was raised accordingly from 300 billion to 360 billion KRW.
Mirae Asset Securities expects its consolidated NCR (Net Capital Ratio) to improve from 3,534.26% to 3,801.08% (as of Q1 2026), representing a 266.81 percentage point increase, further strengthening its capital adequacy.
[AI Overall Assessment]This subordinated bond issuance refinances short-term debt with longer-term funding, reducing liquidity risk and enhancing capital adequacy. However, from a shareholder perspective, it increases leverage without diluting equity, so the direct impact on per-share value is limited. Overall, this is a neutral event aimed at improving financial stability.
KOSPI Filing Information
Filing: [Correction of Description] Securities Registration Statement (Debt Securities)