Mirae Asset Securities Issues KRW 59.4 Billion in Two ELS Tranches for Hedging and Investment
Mirae Asset Securities is publicly offering two Equity-Linked Securities (ELS): Series 36667 (KRW 29.7B) and Series 36668 (KRW 29.7B), with total proceeds of KRW 59.4B; subscription date is June 19, 2026.
Both are principal-protected-unavailable high-difficulty products (risk grade 2), linked to EUROSTOXX50, S&P500, and NIKKEI225 indices, maturing on June 18, 2029 (3 years).
Series 36667 offers an annual 8.20% (pre-tax) with auto-call features; maximum return at maturity is 24.60%, with potential principal loss up to -100%. Historical simulation shows 93.43% early redemption in the first call, and loss occurrence frequency of 0.67%.
Series 36668 provides monthly coupon payments (0.6925% each, annual 8.31% pre-tax) if all indices close above 60% of initial strike; auto-call or maturity preserves principal unless any index falls below 55% of initial (triggering principal loss).
Proceeds will be used for hedging underlying assets and derivatives, and for investing in financial instruments, which is part of the company's normal brokerage and dealing activities.
Issuer credit rating is AA (by KIS, NICE, KRP, as of 2026); these securities are not covered by depositor protection and are unlisted, implying liquidity risk.
[AI Summary]This ELS issuance is a routine funding and hedging activity for Mirae Asset Securities, with no direct impact on existing shareholders' value. The offering size (KRW 59.4B) is negligible relative to the market cap (~KRW 34.4T), and it represents normal business operations, thus unlikely to cause material stock price movement.