[건설사 자금조달 진단] 현대건설, 5000억 CB 발행 배경은

Hyundai E&C's zero-interest convertible bond issuance demonstrates strategic financial engineering designed to address both immediate liquidity needs and long-term credit rating defense. If the 500 billion won CB converts to equity, the company's debt-to-equity ratio would fall below the 150% downgrade threshold, effectively preventing a credit rating cut. The market's strong confidence in the company's nuclear and renewable energy growth prospects made zero-interest financing possible, as underwriters expect sufficient gains from stock price appreciation alone.