Samsung Card Issues KRW 200 Billion Unsecured Bonds (AA+ Rating, Operational Funding)

Samsung Card (AA+, stable credit rating) publicly issues unsecured bonds totaling KRW 200 billion across 4 tranches. Proceeds will be fully used for operational funds (e.g., merchant payments).
Tranche 2870 (KRW 50bn, 1-year, 3.413%), Tranche 2871 (KRW 110bn, 3.6-year, 4.162%), Tranche 2872 (KRW 20bn, 3.6-year, 4.162%), Tranche 2873 (KRW 20bn, 5-year, floating at CD 3M+0.39%p, initial 3.20%).
Key financial indicators (end-2025): adjusted equity ratio 30.36%, delinquency ratio 1.02%, loan loss reserve ratio 104.47%. Net profit KRW 645.9bn (consolidated), EPS KRW 6,053.
Shareholder return: 2025 year-end dividend of KRW 2,800 per share (total KRW 298.8bn, payout ratio 46.3%). Treasury shares of 9.148 million (7.90%) held; no additional buyback or cancellation planned.
Investment risks: economic slowdown, card fee reduction pressure, personal data leakage risk, intensified competition, increased borrowings. However, AA+ (stable) rating indicates strong debt service capacity.

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