Kyobo Securities Issues KRW 199 Billion Principal-Protected ELB Linked to KOSPI200

Kyobo Securities issues 199 billion KRW of KOSPI200-linked Equity-Linked Bond (ELB) Series 12351 (face value 10,000 won, issue price 9,950 won)
Issuer credit rating AA- (Korea Ratings, NICE Investors Service, June 2025)
Maturity 2029.02.27, principal-protected (low risk, grade 5), unlisted
Monthly coupon 0.40% (4.80% p.a.) paid if KOSPI200 closing price is at least 80% of initial level (max 36 payments)
Automatic early redemption: evaluated every 6 months; if condition met, 100% principal repaid (barrier 95%)
Maturity redemption: if KOSPI200 is at or above 95%, or below 95%, principal repaid at 100% (principal protection)
Early redemption: at investor's request, at 90-95% of fair value (possible principal loss)
Minimum subscription 1 million won; issuance may be canceled if total subscriptions < 300 million won
Issuance costs 995 million won, net proceeds 198.99 billion won
Underlying: KOSPI200 (closing price 768.41 as of 2026.01.30, historical low 123.27)

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