[Securities Firms, Homeplus Short-Term Bonds] Largest issuance just before rehabilitation…Shinyoung Securities faces ‘design responsibility’ allegations

Shinseong Securities-led Homeplus asset-backed short-term notes surged to a record monthly issuance of 151.7 billion won in the month before the bankruptcy filing.

Of the 401.9 billion won still unpaid, most was concentrated in the final three months, raising concerns that issuance kept expanding until just before the workout request.

The products were tied to Homeplus’s ability to pay card receivables, and critics say the lead arranger may not have sufficiently checked the risks.

The large pre-workout issuance has deepened investor losses and sparked a broader debate over the underwriter’s responsibility.