A Korean REIT Issued Two Convertible Bonds the Same Day. Together They're 8.13% Dilution.
Koramco Life Infra REIT's board approved two private convertible bonds on 21 September — same conversion price, same coupon, same maturity date — worth a combined 34 billion won and 8,308,894 potential new shares.
AI-assisted, human-reviewed sourcing. Figures are pulled programmatically from the official sources listed at the end of this article and checked by an editor before publication.
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Koramco Life Infra REIT (KOSPI: 357120) filed two convertible bond issuance decisions with Korea’s Financial Supervisory Service on 21 September, 2026, both dated to the same board meeting. Combined, the two bonds carry a face value of 34 billion won and convert into up to 8,308,894 new shares.
What the two filings say, side by side
| Field | Bond 1 | Bond 2 |
|---|---|---|
| Face value | ₩24,000,000,000 | ₩10,000,000,000 |
| Convertible shares | 5,865,102 | 2,443,792 |
| Dilution (filing’s own figure) | 5.68% | 2.45% |
| Conversion price | ₩4,092 | ₩4,092 |
| Coupon (stated / yield to maturity) | 4.00% / 5.95% | 4.00% / 5.95% |
| Maturity | 29 September 2029 | 29 September 2029 |
| Method | Private placement | Private placement |
Every term that could differ between the two bonds — price, coupon, maturity, method — is identical. The only differences in the filings are the face value, the receipt number, and the resulting share count. Added together, the two filings’ own dilution percentages sum to 8.13%.
What we don’t know from this data
The structured DART API response does not break down what the raised capital is for beyond a single “other” line matching each bond’s face value, so we cannot say more specifically what the money is funding. We also have not attempted to work out how a REIT’s per-share distribution changes if both bonds convert — that requires the REIT’s current distribution-per-share figure and portfolio income, which is outside this filing.
This is not investment advice. Figures are drawn from official regulatory filings and are presented for data-quality reporting, not as a trading signal.
Data & Verification Notes
- Data as of
- Sources
- Financial Services Commission (Republic of Korea) / DART — Open DART API — cvbdIsDecsn (Decision on Convertible Bond Issuance), two filings dated 21 September 2026 (rcept_no 20260921000425 and 20260921000428)
- Cross-checks
- Both filings carry the same board decision date (21 September 2026), the same coupon (4.00% stated / 5.95% yield to maturity), the same maturity (29 September 2029), and the same conversion price (4,092 won per share).
- Filing one: 24,000,000,000 won face value, convertible into 5,865,102 shares, stated at 5.68% of shares outstanding. Filing two: 10,000,000,000 won face value, convertible into 2,443,792 shares, stated at 2.45% of shares outstanding. Combined: 34,000,000,000 won and 8,308,894 shares, summing the two filings' own percentages to 8.13%.
- Both bonds are private placements (사모), unlisted, with subscription and payment dates of 29 September 2026 and a conversion window opening 30 September 2027.
- Excluded figures
- Whether the two bonds are legally the same series split into two filings or genuinely separate instruments — DART's structured API returns them as two distinct rcept_no filings with two distinct receipt numbers, which is what we report.
- What the proceeds will be used for — both filings' use-of-proceeds fields read blank except an 'other' line (24 billion won and 10 billion won respectively, matching each bond's face value), with no further breakdown in the structured response.
- REIT-specific dilution mechanics (Korean REITs pay out most income as distributions, so a conversion's effect on per-share distributions is a separate calculation we have not done here).
- Instruments
- 357120
The full dataset behind these figures — every listed company, every row — is available to license. SeoulMarkets data for licence →
Not investment advice. SMarkets publishes data journalism for general information only. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security — any investment you make is at your own risk and responsibility. Figures are derived from official public data sources and may be revised by the issuing agency. Verify independently before acting.
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