[Edaily Reporter Park Sun-Yeop ] NH INVESTMENT & SECURITIES has successfully issued $600 million in Eurobonds on the global bond market. Following last year’s issuance, this marks the largest new foreign currency bond issuance by a domestic securities firm, and it also set a new record for the lowest spread ever on dollar-denominated bonds with the same maturity issued by a domestic securities firm.
NH INVESTMENT & SECURITIES(005940)The company announced on the 23rd that it had finalized plans to issue $300 million each of 3-year and 5-year senior unsecured dollar-denominated bonds—for a total of $600 million—following a book-building process targeting Asian and European investors on the 22nd.

These bonds were issued as fixed-rate instruments. The final yields were set at 4.937% for the 3-year bonds and 5.038% for the 5-year bonds. The spreads over U.S. Treasuries are 70 basis points and 75 basis points, respectively. Due to strong investor demand—which exceeded the initial indicative spreads of 105 basis points for the 3-year bond and 110 basis points for the 5-year bond—the spreads for both maturities narrowed by 35 basis points each.
Both tranches recorded the lowest-ever spreads among U.S. dollar-denominated bonds with the same maturity issued by domestic securities firms. With the new issue premium set at near zero, analysts noted that this confirmed strong demand from global investors for NH INVESTMENT & SECURITIES’ creditworthiness and investment appeal.
Investment orders also significantly exceeded the issuance size. Following the start of bookbuilding, orders totaling more than $4.6 billion poured in from 196 institutions, securing demand approximately 7.6 times the issuance amount. Even during the final pricing stage, orders equivalent to approximately 5.1 times the issuance amount were maintained.
NH INVESTMENT & SECURITIES holds investment-grade ratings of A3 from Moody’s and A- from S&P. It is believed that its stable business structure, operational and corporate finance capabilities, and the potential support from Nonghyup Financial Group—all underpinned by one of the highest international credit ratings among domestic securities firms—contributed to the strong investment demand.
Previously, NH INVESTMENT & SECURITIES had been strengthening its communication with global investors, including by holding investor relations (IR) briefings for major institutional investors in Hong Kong and Taiwan last May. The funds raised in this offering are expected to be used for expanding global operations and as general working capital.
Yoon Byung-woon, CEO of NH INVESTMENT & SECURITIES, stated, “This deal is significant as it was achieved amid a challenging market environment marked by global interest rate uncertainty and geopolitical risks,” adding, “Achieving the narrowest spread on record and receiving orders from global investors confirms their confidence in NH INVESTMENT & SECURITIES’ financial stability.”
He added, “Building on this issuance, we will further strengthen our global investment banking (IB) capabilities and take the lead in enhancing the standing of the domestic capital market.”