Kyobo Securities Issues KRW 3 Billion NAVER-Linked ELB

Issuance of Kyobo Securities 421st ELB (Normal Risk): KRW 3 billion, face value KRW 10,000, 300,000 units, underlying asset NAVER common stock
Principal guaranteed at maturity (100% of face value), monthly coupon: 0.47% (5.64% p.a.) if closing price >= 85% of initial reference price on each monthly evaluation date (max 36 payments)
Automatic early redemption: Evaluated every 6 months, if price >= 102% of initial, redeemed at 100% of principal
Issuer credit rating AA- (Korea Ratings / KIS, June 2025). Unlisted; early redemption may incur principal loss
Underlying NAVER stock volatility 47.81% (historical). 20-year high KRW 454,000, low KRW 27,239.52
Subscription period: Feb 4-10, 2026, minimum subscription KRW 1 million. Issuance may be canceled if total subscriptions < KRW 300 million

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