Korea's ELS issuance down 31% on year in 2020
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The total ELS issuance came at 69 trillion won ($62.6 billion) in 2020, down 30.9 percent from the previous year. The total figure includes equity-linked bonds.
An ELS is a hybrid debt instrument designed to pay returns based on the performance of an underlying equity such as stock index and a basket of stocks.
The issuance of ELS products tracking stock indices outside Korea fell sharply. The products linked to S&P 500 shrank by 36.6 trillion won, Euro Stoxx 50 by 31.1 trillion won and Hong Kong’s HSCEI by 19.08 trillion won.
Issues of Kospi 200-linked products, however, rose 14.6 percent over the same period to 28.1 trillion won thanks to Korean stocks’ outperformance.
The largest ELS issuer was Mirae Asset Daewoo with 11.9 trillion won, followed by KB Securities with 8.3 trillion won and Korea Investment & Securities 6.9 trillion won. NH Investment & Securities issued 6.8 trillion won and Samsung Securities 6.8 trillion won.
The redemption in 2020 fell 23.0 percent on year to 78.5 trillion won. Early redemption was 51.8 trillion won, while 24.3 trillion won was collected upon reaching full maturity. Interim redemption was 2.3 trillion won.
As of end-December, the outstanding amount of ELS issues stood at 61.4 trillion won, down 13.6 percent from a year earlier.
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