[E-Daily Marketin Reporter KIM YEON-SEO ] #Kiwoom Securities is set to raise up to 400 billion won through a corporate bond issuance. With the recent stock market boom creating a favorable business environment across the securities industry, the market expects Kiwoom Securities to secure solid demand based on its strong competitiveness in brokerage services and its track record of earnings growth.

According to the investment banking (IB) industry on the 2nd, Kiwoom Securities will conduct a bookbuilding process on the 13th to issue corporate bonds totaling 200 billion won. The tranches (maturities) consist of a 2-year tranche worth 70 billion won and a 3-year tranche worth 130 billion won. The company has left room to increase the issuance amount to a maximum of 400 billion won depending on the results of the bookbuilding.

Korea Corporate Rating, Korea Credit Rating, and NICE Credit Rating have assigned Kiwoom Securities a credit rating of “AA (Stable).” The credit rating agencies noted that Kiwoom Securities maintains excellent profitability based on its industry-leading market position in the agency trading sector.

Earnings growth is also continuing. Kiwoom Securities’ operating profit for the first quarter of this year was 534.8 billion won, an increase of more than 200 billion won compared to the 295.5 billion won recorded in the same period last year. Annual operating profit is also projected to expand from 472.4 billion won in 2023 to 1.0247 trillion won in 2024 and 1.3255 trillion won in 2025.

Kim Ye-il, a senior analyst at Korea Credit Rating, explained, “The company is securing differentiated competitive strength within the investment brokerage sector,” adding, “It is maintaining an excellent market position and business foundation through its sales strategy specialized in online brokerage for individual clients, its brand value as a leading online and mobile securities firm, the first-mover advantage in the online brokerage market, and competitive commission rates.”

The company’s asset quality and capital adequacy are also assessed as being at a sound level. Ahn Su-jin, a senior researcher at NICE Credit Rating, stated, “Excluding the estimated loss of approximately 500 billion won related to CFDs and Youngpoong Paper in 2023, the non-performing asset ratio as of the end of 2025 stands at 0.7%, which is a sound level,” and “As of the end of 2025, the net capital ratio will be 1,549.3% and the adjusted net capital ratio will be 183.3%, indicating that capital adequacy indicators are also at an excellent level thanks to sustained profit accumulation,” she assessed.

The company is also expected to enhance its business competitiveness following its designation as a mega investment bank and the approval of its commercial paper business. Lee Hyuk-jin, a senior researcher at Korea Ratings, stated, “We expect the business competitiveness of the investment banking and asset management divisions to improve following the company’s designation as a mega investment bank in November 2025 and the approval of its commercial paper business.”

However, financial volatility resulting from the expansion of the commercial paper business is cited as a factor requiring monitoring. The researcher noted, “Since the management of funds from commercial paper issuance is subject to obligations to provide corporate finance and venture capital, there is a persistent risk that financial soundness could deteriorate due to an expansion of risky investments.” He added, “If assets under management increase based on commercial paper—which is essentially short-term funding—the maturity mismatch between assets and liabilities could widen, leading to greater volatility in financial indicators depending on changes in the interest rate environment or the performance of assets under management.”