Kyobo Securities Securities Issuance Report, ELS Series 19 Unsubscribed and Series 20 Partially Allocated
According to the Securities Issuance Performance Report submitted by Kyobo Securities on July 22, 2026, the K-ELS Series 19 offering targeting 3 billion KRW was canceled due to zero subscriptions, and Series 20 targeting 3 billion KRW received only 13 million KRW in subscriptions, a subscription rate of 0.43%.
The actual funds raised amount to 13 million KRW, which will be used as financial resources for derivative transactions for hedging underlying assets.
These securities are equity-linked derivative securities, so there is no capital erosion or dilution of existing shareholder value through stock conversion.
[AI Summary]Kyobo Securities' low ELS issuance performance raises questions about its ability to raise new capital, but this issuance of equity-linked securities poses no dilution risk to shareholders. Weak investor demand may serve as a negative signal for future similar product issuances.