SK Securities Issues 200B KRW Derivative-Linked Bond (ELB) for Funding and Hedging; Limited Impact on Shareholder Value
SK Securities will issue 200 billion KRW worth of the 3247th derivative-linked bond (Equity-Linked Bond, ELB) on June 5, 2026. Face value 10,000 KRW, 2,000,000 units, subscription period June 1~5, payment date June 5.
Underlying assets are KOSPI200 index and Samsung Electronics common stock, with a 3-year maturity (June 8, 2029) offering a maximum annual return of 8.50% (pre-tax) under a principal-protected structure. Auto-call condition: all underlying assets at or above 90% of initial strike on each evaluation date.
Proceeds will be used for hedging transactions in underlying assets and derivatives, and investment in financial products to ensure stable repayment. Issuance expenses are minimal at 1 million KRW.
This product is not covered by the Depositor Protection Act, and early redemption before maturity may result in principal loss. The issuer (SK Securities) has a credit rating of A- (Korea Ratings, 2026.01.02), and the bond is unsecured and unguaranteed.
Historical simulation (2003~2023) shows an auto-call probability of 96.67% (including 78.88% for the first call), a probability of principal repayment at maturity of 2.49%, and a probability of maximum return (25.50%) of 0.84%.
[AI Comprehensive Analysis]This disclosure reflects SK Securities' routine funding activity with no direct impact on enterprise or shareholder value. However, the issuance size (200 billion KRW) is material relative to equity, slightly increasing leverage. Derivative-related risks (hedging failure, early redemption losses from sharp underlying declines) exist, but the principal-protected structure limits investor downside.