Kyobo Securities Reports Issuance of Two KOSPI200-Linked Derivative Bonds

Kyobo Securities issued two equity-linked derivative bonds (ELB Series 50224 and 50225) linked to KOSPI200, but actual proceeds were far below the stated offering amounts.
Series 50224: Actually raised KRW 35,090,000 (approx. 0.35%) vs. planned KRW 10 billion. Issue price KRW 10,000, quantity 3,509 units.
Series 50225: Actually raised KRW 288,760,000 (approx. 2.89%) vs. planned KRW 10 billion. Issue price KRW 10,000, quantity 28,876 units.
Both issues are unlisted, electronically registered, maturing on May 10, 2029. KOSPI200 volatility applied at 38.8%.
Auto-call condition: early redemption if underlying closes at or above 100% of initial strike. Redemption rates step up from 102.90% to 116.50% for Series 50224 and from 103.85% to 119.25% for Series 50225.
At maturity, if KOSPI200 is at or above 100% of initial, investors receive 119.90% (50224) or 123.10% (50225); if below, 103% and 100.5% respectively.
Issuance costs: KRW 1,750 for Series 50224 and KRW 14,430 for Series 50225. Proceeds to be used for hedging derivatives and underlying asset trading.

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