ELS sales in South Korea remain sluggish despite rise in early redemption volume

The early redemption volume of equity-linked securities (ELS) rose 50% to KRW6.6 trillion (US$5.5 billion) in September compared to the previous month, according to Korea Securities Depository data. The increase came on the back of a rebound experienced by major indices tied to the products, such as the Kospi 200 and Hang Seng China Enetrprises Index (HSCEI), as well as the ‘lizzard’ payoff options which raises the probability of an early redemption. The HSCEIwas below the 10,000 l