This article was published on Signal, the capital markets compass, at 6:08 p.m. on September 1, 2026.
Daishin Securities (003540) drew orders exceeding 10 times its target in its second corporate bond bookbuilding of the year. Analysts attribute the heavy institutional demand to the brokerage's strong first-half earnings and expectations that the securities industry boom will continue for some time.
Daishin Securities held bookbuilding for institutional investors on the 1st to raise 150 billion won ($108 million), according to investment banking sources. Institutions placed orders totaling 1.59 trillion won. The two-year tranche drew 820 billion won against a 70 billion won target, while the three-year tranche drew 770 billion won against an 80 billion won target.
The heavy demand is expected to secure the company funding below prevailing market rates. Ahead of the bookbuilding, Daishin Securities set a target yield band of minus 30 to plus 30 basis points against its individual fair market yield, the company-specific rate assessed by private bond rating agencies. One basis point equals 0.01 percentage point. The two-year and three-year tranches priced 10 and 11 basis points below their respective maturity-matched fair market yields.
The strong demand is attributed to the company's solid AA- rating with a stable outlook, backed by its first-half performance. The orders received exceeded the 1.46 trillion won Daishin Securities drew in its January bookbuilding. On a consolidated basis, the brokerage posted first-half operating profit of 462.4 billion won and net profit of 403.3 billion won, roughly triple the figures from the same period a year earlier.
Daishin Securities plans to use the proceeds from the public bond offering to repay debt, specifically to refinance 150 billion won in commercial paper maturing from the 11th of next month. Because the company left room to increase the offering to as much as 300 billion won depending on bookbuilding results, it may raise more than the refinancing amount. Samsung Securities, NH Investment & Securities, KB Securities, Shinhan Securities and Korea Investment & Securities served as lead managers for the offering.
