Mirae Asset Securities is issuing two series of Equity-Linked Bonds (ELB) linked to Samsung Electronics common stock: Series 3987 and 3988, totaling 39.8B KRW (19.9B each).
Series 3987 aims for an annual return of 7.10% (pre-tax) over a 3-year maturity (June 19, 2029), with auto-call features (75% barrier) and principal protection (face value paid if final price below 75%).
Series 3988 offers monthly coupon payments (6.15% pre-tax per annum) and similar principal protection and auto-call conditions.
Issue price is 9,950 KRW per bond (face value 10,000 KRW), with subscription limited to Hana Bank trust clients on June 15, 2026.
Proceeds will be used for hedging underlying assets and financial investments. The issuer has a strong credit rating of AA from Korean agencies.
The bonds are unlisted and not covered by deposit insurance, exposing investors to the issuer's credit risk.
Historical simulation shows Series 3987 has a 98.45% probability of early redemption at the first call (3.55% return).
[AI Summary]This ELB issuance is a debt financing without equity dilution, with a small size relative to the market cap (~39.8B vs 34T KRW), making it neutral for shareholders; it does not materially impact stock price or shareholder value.