NH Investment & Securities Offers Two Retirement Pension ELS - High-Difficulty Products with Potential 40% Loss | NH Investment & Securities(005940)

NH Investment & Securities is offering two retirement pension ELS products: Issue 45 (KRW 5 billion) and Issue 46 (KRW 3 billion), with subscription period May 6-12, 2026, and payment/issuance on May 13.
Issue 45: Underlying indices KOSPI200, S&P500, EuroStoxx50; principal partial protection; risk grade 2 (high risk); max loss 40%; target return 7.6% p.a. (22.8% pre-tax); knock-in barrier 45%.
Issue 46: Underlying stocks SK Hynix and Micron Technology; principal partial protection; risk grade 1 (very high risk); max loss 40%; target return 15.5% p.a. (46.5% pre-tax); knock-in barrier 35%.
Both are high-difficulty financial instruments (potential loss exceeding 20% of principal), unlisted, 3-year maturity, with automatic early redemption and cash settlement.
Issuer credit rating AA+ (Korea Ratings, Mar 25, 2026); not covered by depositor protection.
Theoretical fair values are KRW 9,191.69 per KRW 10,000 (Issue 45) and KRW 8,935.62 (Issue 46), excluding hedging costs.
Investors can request early redemption at 95% or more of fair value (90% within first 6 months), but may incur losses exceeding the maximum 40%.
The issuer may adjust terms or terminate early due to market disruption or other events, potentially leading to investor losses.

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