[Edaily Marketin Reporter KIM YEON-SEO ] Daishin Securities (AA-) is set to issue up to 300 billion won in public corporate bonds this September. As the corporate bond market resumes in earnest this September, securities firms are also stepping up their fundraising efforts.

According to the investment banking (IB) industry on the 13th, Daishin Securities plans to issue corporate bonds totaling 150 billion won, divided into 2-year and 3-year maturities. Depending on the results of the bookbuilding process, the company plans to increase the issuance amount to a maximum of 300 billion won.

NH Investment & Securities, KB Securities, Korea Investment & Securities, Shinhan Investment & Securities, and Samsung Securities are serving as lead underwriters. The target yield spread has been set at –30 basis points (bps; 1 bp = 0.01 percentage point) to +30 bps relative to the individual market average yield. The bookbuilding process for institutional investors is scheduled for the 1st of next month, with the issuance set for the 10th of the same month.

The market is closely watching whether Daishin Securities will be able to secure sufficient investment demand, given its relatively stable AA-rated creditworthiness and the fact that this comes at a time when institutional investors are resuming fund deployment following a lull in issuances in August.

Korea Credit Rating Agency and NICE Credit Rating have assigned Daishin Securities a credit rating of “AA- (Stable).” Daishin Securities’ net income last year was 474.1 billion won, a significant increase from the previous year’s 121.0 billion won.

During the same period, its return on assets (ROA) also rose from 0.7% to 2.1%. In the first quarter of this year, driven by a strong stock market, earnings expanded—particularly in the retail segment—resulting in an ROA of 2.3%. ROA is a key profitability metric that shows how much net income a company generates using its total assets (the sum of equity and liabilities).

However, the deterioration in the asset quality of real estate exposure and the resulting burden of loan loss provisions are cited as risk factors. Daishin Securities’ real estate exposure is trending toward rapid expansion: △2.3 trillion won in December 2024, △3.9 trillion won in December 2025, and △4.1 trillion won in March 2026. Real estate exposure refers to the total risk exposure borne by a financial institution due to real estate-related loans, debt guarantees, and land-secured loans.

Lee Jeong-hyun, a senior researcher at NICE Credit Rating, stated, “Growth in real estate finance-related earnings may be limited due to the deteriorating business environment and intense competition in the real estate project financing (PF) market,” adding, “As the burden of impairment charges related to real estate exposure persists, it is necessary to monitor the level of improvement in recurring profitability.”

He continued, “Although the company possesses strong earnings power, asset quality has deteriorated amid the rapid expansion of real estate exposure,” adding, “There is also pressure to manage capital adequacy ratios due to a high dividend payout ratio and an increase in total risk exposure.”