Mirae Asset Securities Issues KRW 360 Billion Subordinated Bond to Refinance Short-Term Debt and Strengthen Capital Adequacy
Mirae Asset Securities issues KRW 360 billion of 85th unsecured subordinated bonds to refinance maturing short-term debt including electronic short-term bonds and commercial paper.
The bond has a 6-year maturity with a fixed coupon of 5.20%, placed via direct public offering to institutional investors, and carries an AA- stable credit rating.
Post-issuance, the NCR is projected to improve from 3534.26% to 3801.08%, while the leverage ratio of 770.3% remains well below the regulatory threshold of 1100%.
Mirae Asset Securities continues its shareholder return policy, having canceled 11.77 million common shares and 0.18 million preferred shares in early 2026.
[AI Summary]This subordinated bond issuance represents a defensive capital management move to replace short-term debt with longer-term stable funding, enhancing financial soundness. The credit risk is limited given the AA- rating and solid financial indicators, but investors should note the subordination structure and the lack of underwriter due diligence in this direct offering.