[E-Daily Marketin Reporter KIM YEON-SEO ] SamsungSecurities (AA+) is set to issue up to 600 billion won in public corporate bonds. Following the success of its bookbuilding in January, the company is returning to the corporate bond market, leveraging its strong profitability driven by its retail business.

According to the investment banking (IB) industry on the 18th, SamsungSecurities(016360)plans to issue corporate bonds totaling 300 billion won on July 10. The tranches (maturities) consist of 100 billion won in 2-year bonds, 150 billion won in 3-year bonds, and 50 billion won in 5-year bonds. Depending on the results of the bookbuilding process, the issuance amount could be increased to a maximum of 600 billion won.

The book-building process for institutional investors will take place on July 2. The target yield band has been set at -30 to +30 basis points (bps; 1 bp = 0.01 percentage points) relative to the ratings issued by individual private bond rating agencies. The lead underwriters are NH INVESTMENT & SECURITIES, KB Securities, Korea Investment & Securities, Shinhan Investment & Securities, DaishinSecurities, and SKSecurities.

Korea Ratings Corporation, Korea Credit Rating, and NICE Credit Rating have assigned SamsungSecurities a credit rating of “AA+ (Stable).” The credit rating agencies noted that SamsungSecurities has secured an excellent market position based on its solid business foundation in the retail sector. A diversified revenue base and strong ability to respond to performance fluctuations were also cited as factors supporting its creditworthiness.

SamsungSecurities’ net operating revenue for 2025 was 2.4353 trillion won, an increase of 358.9 billion won from the previous year. Driven by higher stock market trading volumes, net commission revenue grew by 14% year-over-year, and performance improved across all business segments, including asset management, investment banking, and wealth management (WM). The company maintained excellent profitability, with a return on assets (ROA) of 1.5% and a ratio of selling, general, and administrative expenses to net operating revenue of 44.1%.

Financial soundness also remains at a healthy level. Despite expanding its risk-weighted investments, SamsungSecurities is steadily increasing its capital through substantial profit generation and maintaining stable capital adequacy ratios. While securities firms generally face a higher risk of losses as their assets under management or credit exposure increase, SamsungSecurities is assessed to maintain sufficient capital buffers to absorb such risks.

As of the end of 2025, the adjusted net capital ratio (NCR) stood at 210.4%, remaining at a level similar to the 208.7% recorded at the end of the previous year. The net capital ratio rose to 2,095.1% from 1,479.3% at the end of the previous year. The adjusted leverage ratio rose to 7.4x compared to the previous year but remains below the average for major securities firms. A low leverage ratio indicates that the company has not excessively expanded its assets relative to its equity capital, meaning its financial burden is relatively light.

However, the expansion of credit facilities and risky investments is a factor that will require monitoring going forward. This is because, should market volatility increase, losses on investment assets or non-performing loans could occur, which could weaken capital adequacy indicators.

Kim Sun-joo, a senior researcher at Korea Ratings Corporation, stated, “Although financial market volatility remains high, the company is expected to maintain excellent resilience in its performance, supported by a solid business foundation in the retail sector and diversified revenue streams.” She added, “Capital adequacy ratios, such as the adjusted NC, are expected to remain at a healthy level through capital accumulation driven by stable profit generation.”

She added, “However, we plan to monitor whether financial soundness indicators deteriorate due to an expansion of risky investments and the impairment of investment assets.”