DB Securities Issues W3bn ELB Linked to Samsung, Principal Guaranteed (3.41% p.a.)

DB Securities (credit rating A+ stable by NICE, KIS, KR) issues W3bn principal-guaranteed ELB (300,000 units at W10,000 each) linked to Samsung Electronics common stock.
Maturity 364 days, fixed pre-tax return of 3.41% p.a. (3.411% if underlying closes at 500%+ of initial price).
Unlisted security; early redemption by investor yields 2.41% p.a. (potential principal loss).
Counterparties with credit conversion amount exceeding 5% of DB Securities' equity (W49.4bn): Bluesnake Japan (SPC) and Alcheon Korea Asset Management.
Underlying Samsung Electronics: 20-year high W232,500, low W8,150; 6-month volatility 57.76%.
Samsung announced share buyback/cancellation (3 buyback decisions, 1 cancellation) and cash dividends (2 times) during Jan-Apr 2026.
This product is not covered by deposit insurance; exposed to issuer credit risk and liquidity risk.

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