Mirae Asset Securities raises 22.95 billion KRW via ELB series 3987 and 3988 for hedging; limited stock impact
Mirae Asset Securities raised a total of 22.95 billion KRW through the issuance of ELB series 3987 and 3988. Each series had a planned total of 19.9 billion KRW but actual subscriptions were 10.47 billion and 12.48 billion respectively, resulting in subscription rates of 52.59% and 62.73%, indicating weaker-than-expected market demand.
The proceeds will be used for purchasing high-quality bonds and derivative hedging transactions to ensure stable repayment at maturity, which is a defensive capital allocation rather than growth-oriented investment.
These are unlisted securities with Samsung Electronics common stock as the underlying asset. Series 3987 offers early redemption with an annual yield of 7.10%, while series 3988 provides monthly coupon payments with an annual yield of 6.15%.
[AI Summary]Mirae Asset Securities raised 22.95 billion KRW via ELB series 3987 and 3988 but subscription rates of 52.6% and 62.7% reflected weak demand. Proceeds are fully used for hedging, resulting in no equity dilution and limited short-term stock price impact.