Daishin Securities ELB Series 1118 and 1119 Issuance Report Low Subscription Rates Confirmed Proceeds Used for Hedging
Daishin Securities has finalized the subscription results for its ELB Series 1118 and 1119 equity-linked bonds issued on July 20, 2026.
Series 1118 achieved a subscription rate of 55.88% with KRW 16.747 billion subscribed against the KRW 29.97 billion target, while Series 1119 saw only 24.76% with KRW 7.404 billion subscribed against the KRW 29.91 billion target indicating weak demand.
Proceeds will be used for hedging purposes including purchases of similar derivatives and underlying asset management and there is no dilution for existing shareholders.
The repayment structure offers an annual return of 3.800% if the underlying asset Samsung Electronics stock stays at or below 500% of the initial strike price and 3.790% otherwise.
Despite low subscription rates the issuer met the minimum issuance conditions and completed the offering normally.
[AI Summary]This issuance report confirms no direct dilution or capital structure change for Daishin Securities but the low subscription rates suggest limited market appetite for these products. The use of proceeds is purely defensive hedging with no growth-related capital allocation.