사진 확대
SK Hynix, which had emerged as a big player in the bond market with cash earned from semiconductor supercycl, has recently adjusted its buying speed. As market attention is focused, there are observations that it is a conscious move and expectations that it will secure cash for future shareholder returns. According to the financial investment industry on the 12th, SK Hynix temporarily stopped buying bonds starting on the 10th. This is contrary to the two-month purchase of at least 20 trillion won between June and July. The bond industry predicted that the amount of purchases in the second half would reach up to 70 trillion won, about a quarter of the total bond issuance (308.6 trillion won) in the first half of the year.
“The industry estimates that SK Hynix will buy 60 trillion won to 70 trillion won in the second half of the year,” a bond management official at a large securities company said. “As attention is focused on recent buying moves, it seems that SK Hynix has started to adjust its speed.”
SK Hynix has executed funds through trusts of large securities firms such as KB Securities, Korea Investment & Securities, and NH Investment & Securities. It is interpreted as an intention to secure flexibility in future fund relocation, mainly for bonds with a remaining maturity of around 1.5 to 2 years.
The annual amount of funds operated by SK Hynix is estimated to be around 150 trillion won. A researcher at a securities company said, “SK Hynix’s free cash flow (FCF) is expected to be in the mid-100 trillion won range this year, and if it is operated as bonds instead of cashable assets, the amount of bond purchases will be similar.” In the bond market, concerns about the timing of the expiration of this volume are raised. Usually, when maturity returns, supply and demand are maintained in a way that existing buying institutions buy back, but there is also a possibility that this volume will not be rolled over.
An asset management industry official said, “SK Hynix is focusing on short maturity because it has to use funds such as incentives or facility investment resources at maturity.”
[Reporter Oh Goes Back]
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Hynix
Speed Control
Bond Market
Fund Management
Supercycle
Financial Investment Industry
Corporate Bills