대신證, 금리 재상승에 운용·조달 방어력 시험대

Daeshin Securities' strong Q1 earnings mask underlying rate risk vulnerabilities. As market-based funding (repos and bonds) expands, the firm faces dual pressures: rising refinancing costs and declining bond returns from elevated rates and wider credit spreads. The actual effectiveness of its derivative hedging strategy remains opaque, making future earnings sustainability critically dependent on real risk mitigation execution during rate volatility.