Mirae Asset Securities Reports Issuance of 4012th Series ELB with Low Subscription Rate of 8.72%
Mirae Asset Securities submitted the issuance performance report for its 4012th series Equity-Linked Bond ELB. The bond is linked to KOSPI200, non-listed with a 1-year maturity.
Of the total 10 billion KRW offering, actual subscriptions amounted to only 872 million KRW or 8.72% indicating weak demand. Raised funds will be used for hedging and purchasing high-grade bonds.
As this is a debt issuance, there is no dilution for existing shareholders. Issuance costs were minimal at 43,600 KRW in other expenses.
[AI Summary]Mirae Asset Securities' 4012th ELB issuance saw a low subscription rate reducing the capital raised, but since it is debt financing, the direct impact on shareholder value is limited. The defensive use of proceeds for hedging and bonds, combined with no change in credit or governance, results in a neutral assessment.