Mirae Asset Securities seeks W1.3tr in funding, with SK hynix as sole investor

Mirae Asset Securities is moving to raise 1.3 trillion won ($836 million) through commercial paper issuance, with SK hynix set to take up the entire offering.

According to Yonhap News Agency and sources in the financial investment industry, Mirae Asset Securities filed a securities registration statement with the Financial Supervisory Service on June 29 for the issuance of 1.26 trillion won in commercial paper. The paper will carry maturities of two years or more, with some tranches not due until the second half of 2029.

A source familiar with the matter told Yonhap that SK hynix has agreed to purchase the full amount. "My understanding is that SK hynix has decided to take up all of the commercial paper," the source said.

In connection with the deal, Mirae Asset Securities also postponed a demand forecast for corporate bonds worth hundreds of billions of won that had been scheduled for July 6. Industry observers believe the firm revised its broader funding plans as SK hynix stepped in as the investor.

Meanwhile, SK hynix has been rapidly expanding its footprint in the domestic bond market, riding a semiconductor supercycle that has driven record earnings. The chipmaker recently invested in two-year public bonds issued by several major brokerages as well.