Kyobo Securities Issues Series 421 ELB Linked to NAVER (3-Year, Principal Protected, Conditional Monthly Coupon 5.64%)
- Kyobo Securities issues Series 421 ELB (Normal Risk) linked to NAVER common stock: total 30 billion won (300,000 bonds, 10,000 won per bond)
- Maturity: Feb 19, 2029 (3 years), principal protected (100% of face value at maturity regardless of underlying)
- Monthly coupon: 0.47% monthly (5.64% p.a.) if NAVER closes at or above 85% of initial price (max 36 payments)
- Auto-call: semiannual evaluation, trigger at 102% of initial price; early redemption at 100% face value plus accrued coupons
- Maximum return: 16.92% (pre-tax) if all coupons paid and auto-call/maturity
- Issuer credit rating: AA- (Korea Ratings, KIS), no deposit insurance, non-listed
- Early redemption possible but at 90-95% of fair value, potential principal loss
- Subscription: Feb 4-10, 2026, minimum 1 million won; issuance may be cancelled if total subscriptions under 3 billion won
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KOSPI Filing Information
- Filing: Shelf Registration Supplementary Document (Derivative-Linked Bonds - Equity-Linked Derivative-Linked Bonds)
- Company: Kyobo Securities (030610)
- Submission: Kyobo Securities Co., Ltd.
- Receipt: 02-03-2026