Samsung Securities’ income drops despite spike in issuance

Net revenues of structured products at Samsung Securities continued their decline in Q1 21 reaching KRW60.8 billion (US$53m), down 40.4% from the peak in Q3 20 or up 16.9% year-on-year (YoY). Early redemption and day-1 profit contributed to 81.1% and 18.9% of the income, respectively, which was derived from equity-linked securities (ELS), equity-linked bonds (ELB), derivative-linked securities (DLS) and derivative-linked bonds (DLB), according to firm’s Q1 FY21 earnings report.   Th