[Alpha Biz=(Chicago) Reporter Kim Jisun] The securities industry's issuance of corporate bonds is showing signs of polarization amid concerns that the real estate project financing crisis will reignite in the second half of the year.

According to the investment banking industry on the 13th, Korea Financial Group received a total of 425 billion won in purchase orders in its forecast for demand for 150 billion won worth of corporate bonds. Thanks to the large number of orders, the company is considering increasing the amount to up to 300 billion won on the 20th.

As of the previous trading day, Korea Financial Group's three-year public sentiment was 4.719%, which is expected to finalize the issuance rate at 4.8%.

This is more than three times higher than three years ago. Korea Financial Group used some of its financing funds to refinance 110 billion won worth of public bonds issued at the end of 2020, with the issuance rate at 1.388% at the time. When issuing corporate bonds in January (300 billion won) and June (210 billion won), Korea Financial Group had to meet the issuance rate of 4.457% and 4.575%, respectively, on a three-year basis.

Although high-interest loans are not just a problem for Korea Financial Group, securities bonds bear a higher level of interest than corporate bonds of the same grade to reflect real estate PF issues. Mirae Asset Securities (006800) (AA), which previously predicted demand on the 7th, is also expected to finalize the issuance rate at 4.6% in line with the procurement level of 5bp higher than the public interest rate.

The public interest rate for general corporate bonds of the same grade and maturity is currently around 4.55%. NH Investment & Securities (005940) (AA+) filled three-year orders -5bp lower than the public interest rate in the demand forecast the previous day, but is expected to finalize the interest rate on the same grade and maturity corporate bonds at around 4.6%, more than about 10bp.

 

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