NH Investment & Securities Issues KRW 5 Billion ELS Series 72 for Retirement Pension... Limited Principal Loss Structure with AA+ Credit Rating
NH Investment & Securities filed a supplementary shelf registration on July 13, 2026 to issue the N2 Retirement Pension ELS Series 72 worth KRW 5 billion.
The underlying assets are Samsung Electronics and SK Hynix common stocks. The structure is a 3-year step-down auto-callable ELS with partial principal protection. It targets a 6% annual return but may incur a 1% principal loss if any underlying falls below 50% of its initial price.
The issuer holds an AA+ credit rating, with 2025 net income of KRW 908.3 billion and total equity of KRW 8.6 trillion, indicating solid financial health.
The product is exclusively sold through retirement pension accounts, and proceeds will be used for hedging.
The company maintained a high dividend yield of 6.13% in 2025, reflecting strong shareholder return policy.
[AI Summary]This ELS issuance is small relative to the company's size and has negligible impact on shareholder value. The issuer's AA+ rating and strong financials mitigate credit risk, but the high volatility of underlying assets (Samsung 66.79%, SK Hynix 77.35%) requires investor caution.
KOSPI Filing Information
Additional Documents for Shelf Registration (Derivative-Linked Securities - Equity-Linked Securities)