NH Investment & Securities Completes 500 Billion KRW 77th Unsecured Bond Issuance, Improves Maturity Structure via CP Refinancing and Bolsters Financial Stability
NH Investment & Securities issued its 77th unsecured bonds worth 500 billion KRW on July 28, 2026, with a 3-year maturity at a fixed rate of 4.453%. All proceeds will be used to refinance existing commercial paper, converting short-term debt into long-term bonds to enhance maturity profile and financial stability.
The company maintains an AA+ stable credit rating. As of end-Q1 2026, its consolidated NCR stood at 2,449.4%, and standalone leverage ratio at 677.4%, indicating strong capital adequacy. Substandard loan ratio was 0.73%, reflecting sound asset quality.
Shareholder return policies include a 2025 dividend of 1,300 won per common share and share cancellations of 4.17 million shares in 2024 and 3.41 million shares in 2025.
The largest shareholder NongHyup Financial Group holds 63.26% and the National Pension Service holds 7.61%, ensuring a stable governance structure. However, the company faces 28 litigation cases as defendant totaling 143.5 billion KRW.
[AI Summary]This bond issuance is a defensive funding strategy leveraging the AA+ credit rating to extend short-term debt and improve maturity structure. While financial health is strong, the high derivative-linked securities balance at 91.92% of equity requires careful risk management amid market volatility. Shareholder return policies are positive through dividends and buybacks, but the dilutive effect of recent equity capital increases should be considered.