Hybrid Capital Securities Tax Calculator

Estimate hybrid capital securities value after coupon income, tax drag, fees, and credit stress.

Hybrid capital securities tax and yield calculator

Estimate Korean AT1 or CoCo hybrid capital securities after coupon tax, call period, deposit comparison, comprehensive-tax risk, and loss-absorption type.

After-tax total return

₩1,903,500

After-tax yield

3.8%

Yield pickup vs deposit

₩634,500

1.3%p

Comprehensive-tax status

Under threshold

Maximum loss

₩10,000,000

Verdict

분리과세 종결

표면이자는 15.4%로 분리과세 종결됩니다. 콜(5년) 보유 가정 시 세후 총수익은 1,903,500원, 세후 연수익률은 3.81%로 같은 금액을 연 3% 정기예금에 넣을 때보다 634,500원을 더 받습니다. 다만 상각·전환·이자정지 위험이 있는 후순위 영구채라는 점을 반드시 고려하세요.

Calls calcHybridCapitalSecurities with Korean coupon withholding, no separate-tax election, KRW 20 million comprehensive-tax threshold, call risk, and write-down/conversion loss absorption. This English finance calculator calls the same Korean pure calculation module as the Korean page. KRW, Korean statutory thresholds, tax rates, and product rules are preserved instead of the old generic percentage stub.

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Hybrid capital securities tax guide

This English guide translates the Korean hybrid capital securities page. The calculator calls calcHybridCapitalSecurities for AT1 and CoCo style securities with Korean coupon tax, call, and loss-absorption assumptions.

What the instrument is

Hybrid capital securities can include AT1 and CoCo instruments issued by financial companies. They are subordinated, can have discretionary coupon features, and usually rely on an expected call date rather than a guaranteed redemption date.

The Korean model therefore compares the expected call-period return against a deposit, but it also reports call risk and maximum loss. A higher coupon is not the same as an insured deposit rate.

Tax treatment

Coupon income receives 15.4% withholding. The page preserves no separate taxation for these coupons, so the coupon can be combined with other interest and dividends near the KRW 20 million comprehensive-tax threshold.

If purchased at a discount and called at par, the capital gain portion is treated as tax-free gain in the Korean bond model. The result separates coupon tax, tax-free gain, after-tax yield, and effective tax rate.

Loss absorption and call scenario

The calculator keeps both write-down and conversion forms of loss absorption. In a stress event, principal can be written down or converted into equity according to the terms, which is why the output includes maximum loss and recovery-by-call metrics.

A call is not legally guaranteed. If the issuer does not call, duration extends and the realized yield can differ from the first-call yield, so the English page preserves the years-to-call input rather than hiding the product risk.