Kyobo Securities Finalizes Issuance Report for ELS Series 13635 and 13636, Extremely Low Subscription Rates of 1-4% Raising Only 0.25 Billion Won, Neutral Impact on Shareholder Value
Kyobo Securities submitted the Securities Issuance Report for Series 13635 and 13636 Equity-Linked Securities on July 16, 2026.
Series 13635 is based on SK Hynix common stock, and Series 13636 is based on both Samsung Electronics and SK Hynix common stocks. Both are principal-guaranteed partial payment type with a maximum loss of 20%.
Initially planned for a total of 99.3 billion won, actual subscriptions were only 1% and 4%, respectively, raising a mere 248 million won, resulting in partial payment.
The funds raised will be used for hedging underlying assets and investing in financial instruments, part of routine business operations.
This issuance does not involve new share issuance, so there is no dilution of existing shareholders' equity, and no change in capital structure.
Kyobo Securities maintains its AA- credit rating. No separate share buyback or dividend policy changes were disclosed.
[AI Summary]This issuance report finalizes a debt-like funding without capital change, neutral to shareholder value. Despite extremely low subscription rates, the small scale relative to market cap and the hedging purpose limit financial impact. The AA- credit rating indicates stable financial health, but persistent weak market demand may have limited negative implications for investor sentiment.