Mirae Asset Securities raises $600M in dollar bond sale
What's the deal? South Korea's Mirae Asset SecuritiesDealroom has a profile for this one. Try Dealroom → has raised $600 million through a Eurobond issuance, finalising the deal via bookbuilding across Asian and European markets.
The offering split evenly into two tranches: $300 million in three-year bonds and $300 million in five-year bonds.
Spreads landed at 100 basis points and 110 basis points over equivalent US Treasuries, respectively — 20 basis points tighter than initial guidance.
Why now? South Korean securities firms have been flocking to foreign currency bond markets. Mirae Asset followed Hana Securities and NH Investment & SecuritiesDealroom has a profile for this one. Try Dealroom →, which both tapped the market in recent weeks.
The deal also marks Mirae Asset's return to the dollar market, roughly four months after a $600 million Formosa bond issuance in late February 2026.
What could go wrong? Conditions were tougher than for its bank-affiliated rivals, which cut spreads by more than 30 basis points from guidance to hit record lows.
Mirae Asset managed only a 20 basis point cut. With multiple issuers crowding the market, global institutional investors have grown more selective.
The firm also carries BBB-grade ratings globally — Baa2 from MoodyDealroom has a profile for this one. Try Dealroom →'s and BBB from Fitch — versus the A-grade ratings held by bank-affiliated peers.
The signal: As a mature institutional capital markets player, Mirae Asset Securities is using overseas debt markets to fund its global expansion, but its BBB-grade ratings left it commanding tighter pricing concessions than higher-rated bank-affiliated rivals — a sign that investors are increasingly differentiating between Korean issuers as the market crowds.
Read more: Infomax
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