Hankook Capital Issues 500 Billion Won in Unsecured Bonds (Series 565-1 and 565-2)

Hankook Capital issues Series 565-1 (KRW 300 billion, maturity 2028-03-10, coupon 4.573%) and Series 565-2 (KRW 200 billion, maturity 2028-05-12, coupon 4.628%) unsecured bonds.
Credit rating: A0 (stable) from three agencies (KIS, NICE, KOREA RATING).
Proceeds of KRW 500 billion to be used for operating funds (leases, loans, installment finance).
FY2025: total assets KRW 5.16 trillion, equity KRW 754.1 billion, net income KRW 100.5 billion.
NPL ratio 4.5% (FY2025), delinquency rate 2.72%, adjusted equity ratio 15.3%, leverage 6.8x.
Parent (Korea Military Mutual Aid Association) credit facility of KRW 700 billion; KRW 290 billion used.
Business risks: economic downturn, real estate PF delinquency, intensifying competition, funding dependence.
Company risks: past NPL experience, competitive disadvantage, potential delay in profitability improvement.
Bonds are listed with liquidity but subject to market volatility.
Not covered by depositor protection; investment risk borne by investors in case of default.

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