Kiwoom Securities upsizes bond sale to ₩400B after ₩945B in orders
What's the deal? Kiwoom SecuritiesDealroom has a profile for this one. Try Dealroom → raised 400 billion won ($337 million) in a corporate bond offering after attracting 945 billion won in orders, more than four times its initial 200 billion won target. The book-building process ran on July 13, 2026, led by KB SecuritiesDealroom has a profile for this one. Try Dealroom → and Korea Investment & SecuritiesDealroom has a profile for this one. Try Dealroom →.
The details: The offering was split into two tranches. Demand reached 470 billion won for the 2-year notes and 475 billion won for the 3-year notes, letting the AA-rated firm upsize the deal to 210 billion won in 2-year notes and 190 billion won in 3-year notes.
Pricing was tight: the 2-year notes came 1 basis point below the same-maturity market average, while the 3-year notes matched it.
Why now? Kiwoom launched the raise to repay maturing electronic short-term bonds due in July 2026. It joins a run of domestic securities firms tapping the market, following NH Investment & Securities, KB Securities, Samsung Securities, and Shinhan Investment Corp.
What could go wrong? Investor caution persists in Seoul's bond market amid concerns over base rate hikes. With the Bank of Korea's Monetary Policy Committee meeting approaching and Middle East tensions flaring, Kiwoom's order volume trailed earlier securities issuances that drew demand in the trillions of won.
What's the endgame? Kiwoom cites its retail market position and strong profitability as support for its creditworthiness. Its designation as a mega investment bank and approval to issue commercial paper are expected to strengthen its investment banking and asset management operations.
The signal: The upsized deal shows that well-rated Korean brokers can still clear the market comfortably, even as macro headwinds thin out the record-breaking order books seen earlier in the cycle.
Read more: Infomax
Image credit: Generated with Gemini
