Hanwha Investment & Securities Issues 19.99 Billion Won DLB Linked to USD/KRW with Near-Guaranteed Return

Hanwha Investment & Securities is issuing 19.99 billion won of Hanwha Smart DLB Series 559.
The underlying asset is the USD/KRW exchange rate, and the bond offers an almost certain return of about 3.07% at maturity. The issue price is 9,995 won per 10,000 won face value, a slight discount.
Proceeds will be used for hedging and financial investments; no shareholder dilution.
The issuer has an AA- credit rating, but the bond is not covered by deposit insurance and is unlisted, posing liquidity risk.
[AI Summary]This DLB issuance is a routine debt funding for Hanwha Investment & Securities, neutral to shareholder value. It offers a near-fixed return but carries issuer credit risk and liquidity risk. Overall score 5, neutral.