This article appeared on Signal, the capital market compass, at 3:45 p.m. on July 3, 2026.
Mirae Asset Securities (006800.KS) is pushing to raise 1 trillion won. The company had initially planned to raise 400 billion won by issuing corporate bonds, but has given priority to issuing commercial paper (CP) with maturities exceeding one year. The move is interpreted as a full revision of its funding plan after SK hynix (000660.KS), which has recently been executing large-scale investments in corporate bonds, emerged as a big investor.
According to investment banking (IB) sources on July 3, Mirae Asset Securities submitted a securities registration statement to the Financial Supervisory Service (FSS) on June 29 to issue 1.26 trillion won worth of CP. CP is short-term debt issued in the private market with maturities of less than one year, but a registration statement filing obligation arises when the maturity is one year or longer. The CP being issued by Mirae Asset Securities this time all carry maturities of two years or more.
This marks Mirae Asset Securities' first long-term CP issuance. The market also reacted that raising funds in the trillions of won through long-term CP was unusual. Long-term CP is typically chosen by companies for which securing long-term funding of one year or more is not easy, whereas Mirae Asset Securities had no particular reason to use it thanks to its strong 'AA+' credit rating. Long-term CP has also been pointed out as a gray area within capital markets, in that it raises long-term funds using a short-term credit rating.
SK hynix is analyzed to have been behind this rarely seen decision. Long-term CP is also issued after investors who will purchase it are determined in advance, and SK hynix is understood to have agreed to take up the entire 1.26 trillion won of this issuance. "SK hynix has agreed to buy all of the CP issued by Mirae Asset Securities," an IB industry official said. "If it were not for SK hynix's investment, the maturity structure and funding amount would be an unrealistic financial product."
SK hynix, which has established itself as a big investor in the bond market, has recently been expanding its investment scope into corporate bonds to manage its overflowing cash. It began by participating in the bookbuilding for two-year public corporate bonds issued by NH Investment & Securities and KB Securities in early June this year. While it had mainly bought two-year bonds, it has recently been broadly reviewing investments in three-year bonds as well. Among the CP being issued by Mirae Asset Securities is a tranche maturing on July 3, 2029.
Mirae Asset Securities' funding plan was also fully revised amid SK hynix's bold bet. Mirae Asset Securities had initially been pushing to issue up to 400 billion won in public bonds, targeting institutional bookbuilding on the 6th of this month. It had planned to raise 100 billion won each by splitting the maturity structure into two-year and three-year tranches, but decided to postpone the bond bookbuilding indefinitely after SK hynix agreed to invest about 1 trillion won at similar maturities.
