Mirae Asset Securities Files Supplementary Shelf Registration for 19.9 Billion Won Equity-Linked Bond Issuance
Mirae Asset Securities Co., Ltd. submitted a supplementary shelf registration document to the Financial Services Commission on July 22, 2026, for the issuance of the 4038th series equity-linked derivative bonds ELB under the existing shelf registration.
The 4038th ELB issuance amounts to 19.9 billion KRW, linked to Samsung Electronics common stock, with a principal-protected structure at maturity or upon automatic early redemption, classified as low risk product risk grade 5. The issue price is 9,950 KRW per 10,000 KRW face value, maturing on August 7, 2029, with subscription on August 3, 2026.
The product offers an annual return of 6.60% if the underlying asset price is at least 65% of the initial strike price, triggering automatic early redemption or maturity payment. If the price falls below 65%, the principal is fully protected. Historical simulation shows a 99.7% probability of meeting the first early redemption condition.
Mirae Asset Securities maintains a consolidated net capital ratio of 3,437.05%, well above regulatory requirements, and holds an AA credit rating. For fiscal year 2025, the company declared a cash dividend of 300 KRW per common share and a stock dividend of 0.73206%, alongside share buybacks and cancellations as part of shareholder return policies.
Proceeds from this ELB issuance will be used for hedging transactions including underlying asset trading and derivatives, exposing investors to the issuer's credit risk without deposit insurance protection.
[AI Summary]The 4038th ELB issuance is a routine funding activity under the existing shelf registration, with limited downside risk due to principal protection. The issuance size is negligible relative to market capitalization, causing no equity dilution. Given the company's strong capital adequacy and credit rating, the overall impact on shareholder value is neutral to slightly positive.