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Chapter 6 : Seoseong Securities Seo Minjae (3)
Chapter 6: Seoseong Securities Seo Minjae (3)
The CEO’s office at Seoseong Securities.
A father, a daughter, and an illegitimate child had gathered in one place.
It was truly a family-like atmosphere.
Seo Minju spoke.
Е̌ ň ŭm a
“Congratulations, Minjae.”
“Pardon?”
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At his half-sister’s sudden praise, Seo Minjae blinked.
“I heard you closed your first deal in the PBS department? Two hundred billion won.”
“Yes. I was lucky.”
“Right, you really are lucky, you know? But that client’s strategy was unusual. Saying the U.S. credit rating would be downgraded.”
Еn ùm̂ӑ .і d
“So you already knew.”
“It’s work under my department.”
Seo Minju was in charge of the Global Business Division, and under it sat Seo Minjae’s PBS department.
That meant Seo Minju could clearly see whatever Seo Minjae was doing.
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Seo Minju asked.
“What do you think? Do you really think the credit rating will be downgraded?”
W̊_e b̊ṅ ŏv̀ e l Е̌ num̄ ӓ
Seo Minjae glanced at his father.
He showed no sign of stopping them; if anything, he was watching the conversation with interest.
Seo Minjae chose his words carefully.
“I believe market data is important. S&P has already designated the U.S. as being under ‘negative watch,’ and the debt ceiling negotiations are at a deadlock. There is sufficient possibility. And.”
This time, his tone grew firmer.
“It would be better to unwind Yuseong corporate bonds. If the credit rating is downgraded, there will be panic selling. Companies with high debt ratios, like Yuseong Group, will take a bigger hit.”
Dilarang mengopy novel dari Enuma.id.
“Is that because I led that investment?”
“You know that’s not what I mean. Yuseong Group’s debt ratio is no joke. I see a high possibility of default.”
“But it’s not that simple. You know that corporate bond investment was a group-level decision.”
Seoseong Securities was a financial ‘affiliate’ influenced by Seoseong Group. As such, politics intervened here.
“That was a partnership between Seoseong Group and Yuseong Group affiliates. As part of that, we acquired the corporate bonds. Let’s say, as you suggest, we dump them on the market. Then what? How are we supposed to restore relations with Yuseong Group afterward?”
“…….”
Е ñ u ṁ_а̇ . і̌d̂
“Instead of just saying it won’t work, you should have brought countermeasures as well.”
After lightly reproaching her half-brother, Seo Minju turned to her father.
Dilarang mengopy novel dari Enuma.id.
“Father, I heard from a contact in Washington that the leadership of both parties is conducting behind-the-scenes negotiations. If we hastily unwind our positions, we could end up taking losses instead. Especially if we consider our relationship with Yuseong Group.”
Deep concern etched itself onto Chairman Seo’s face.
On one hand, his daughter was right.
Yuseong Group’s corporate bonds were an alliance between groups.
Е n u m̃.а. і d
On the other hand, he could not ignore his son’s warning.
In the current situation, conservative portfolio management was the basic principle.
His decision was a compromise.
“Only unwind those with a credit rating of BBB or lower. Still, we can’t completely cut ties with Yuseong Group. It’s a partnership built up over a long time.”
Dilarang mengopy novel dari Enuma.id.
Bonds rated BBB or lower did not even account for 10 percent of the total.
In practical terms, it was a decision with little real change.
Ё n ũm̈ â
Seo Minju’s face brightened, and Seo Minjae smiled as he always did.
This time, sincerely.
‘Just as expected.’
Seo Minjae recalled Lee Jaseong’s words.
— They won’t accept it. But that’s actually better.
When the credit rating is downgraded and the market crashes, you’ll become a prophet.
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For several days, Seoseong Securities buzzed with unrest.
The U.S. credit rating downgrade.
Every conversation that took place in a day began with this topic and ended with it.
It was unavoidable.
U.S. Treasury yields were the benchmark of the financial market.
If that benchmark wavered, the prices of all financial products would swing wildly.
Ẇе̊ b̆ǹô v́ ѐl Е ńǔ ṁ а̌
On the trading floor, heated debates erupted day after day.
“Do you think it’ll really get downgraded? The U.S. debt ceiling negotiations keep getting more tangled. Republicans and Democrats aren’t giving an inch, and time is running out…….”
Dilarang mengopy novel dari Enuma.id.
“But in the end, they always compromise at the last minute. You don’t think they’d just sit back and watch a default happen, do you?”
“But volatility is too high. I adjusted my portfolio for now, but…….”
“Hey, this is just a political show. It’s not like it’s the first time. Aren’t you being too sensitive about it?”
As the rumors spread, there was one place people kept flocking to.
Ëǹ.u m̌ ā . і̌ d
The newly established PBS department.
Seo Minjae’s office.
People deliberately passed by the front of it, peeking in furtively.
What happened to ‘that client’?
Dilarang mengopy novel dari Enuma.id.
Did he really still bet two hundred billion?
Someone from a neighboring department knocked on the glass door, coffee in hand.
Е̄ nu mā
“Department Head Seo. The U.S. credit rating downgrade—are you sure about it?”
It was already the tenth time he had heard that question today, the tenth cup of coffee he had been treated to.
The answer he had given about ten times spilled out automatically.
“It’s not me, it’s the client who’s confident. Did you forget? I’m just a broker. And you should drink the coffee, sir.”
“Should I? Still, they say the client bet two hundred billion. Then it’d be fine for me to join the wager too, right?”
For a moment, Seo Minjae felt uneasy.
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“A wager? What wager?”
“You didn’t know? There’s a betting pool going on at the trading desk right now. At the moment, the odds are three to one in favor of no downgrade. So I was thinking of betting on the other side.”
“…….”
Seo Minjae let out a deep sigh.
The situation was gradually slipping out of control.
The rumor he had spread had now expanded into an in-house bet.
Ẅ е b̂ n̆о v ё l̂ Ёn úm a_
‘This is driving me crazy, seriously.’
How had things ended up like this?
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Originally, the PBS department lived off commission income.
Whether a client succeeded or failed in their investment made no difference.
It wasn’t like clients stopped paying commissions just because their investments failed.
‘They even said they wouldn’t invest at all if the downgrade event didn’t happen!’
Ŵ е b ǹ о̇ v́ ӗ l̈ Еǹu ḿ а
But now?
Lee Jaseong’s bet had become the first deal of the PBS department—no, a situation directly tied to Seo Minjae’s personal credibility.
Without realizing it, he had become bound to Lee Jaseong in a community of fate!
‘If the downgrade doesn’t happen, things will turn out like I’m the one who failed. That bastard Lee Jaseong…… He didn’t plan even this, did he?’
Dilarang mengopy novel dari Enuma.id.
Lee Jaseong’s 20 billion won investment funds had already been deposited, and Seo Minjae had finished preparing to apply three times leverage as instructed.
Excluding the margin deposited into the margin account, the actual operating capital amounted to around 50 billion won.
Еn̄ ũ m̂ ӓ .і̂ d̊
It looked like a lot, but in the U.S. Treasury market, it was no different from a single drop of water.
The moment an order was placed, it could immediately meet the opposing quote.
That meant he had to aim for the exact timing of the absolute low—the precise moment the price hit bottom.
Seo Minjae stared intently at the chart. The trader shouted once again.
“Three point three percent breached!”
‘It matched!’
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The figure Lee Jaseong had predicted a month ago was being displayed in real time on the Bloomberg terminal before his eyes.
This was the moment he had been waiting for.
“Place the first order. Buy 8 billion won worth of TMF ETF, and put the rest into 10-year Treasury futures.”
The moment the order was entered, it flowed from the PBS department’s terminal to the clearinghouse, and finally into the market.
“First order filled!”
“Three point three five percent…… three point three seven percent…… three point four one percent breached!”
W ӗb̀nŏ v̀е̂l Е̇ n̆_ů.m ǎ
“Place the second order. Same amount, same option, add more.”
The trader’s fingers danced across the keyboard.
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The second order was filled as well.
A total position of 20 billion won had been built.
Outside the trading room, the chaos continued.
The hurried footsteps of employees passing through the corridor could be heard, and from time to time, someone’s shout echoed.
Ё n̈ umа̊
But inside the PBS department, there was tension—yet an eerie calm.
The analyst read out the real-time yield.
Three point four five percent…… three point four three percent…… three point five one percent.
They were almost there.
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Seo Minjae tapped the desk with his fingers, waiting for the final breakout.
And finally, the chart broke past the three point six percent line.
Е n̆ um̀а
“Put in the final order! All the rest!”
Everyone in the department held their breath at once.
The order entry window opened, and the trader entered the final quantity.
The remaining 30 billion won in funds poured into the market in an instant.
Unable to contain his tension, Seo Minjae stood up from his seat and began pacing.
“Order filled!”
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A collective sigh of relief burst out in the trading room.
At that very moment.
As if responding to a signal, the chart began to change direction.
The 10-year Treasury yield, which had been hovering around the three point six percent line, suddenly began to fall.
“It’s coming back…….”
The entire department fell into silence, as if bound by an invisible force.
Е̃.n u m а
Everyone held their breath, staring at the chart.
The yield continued to fall, which meant Treasury prices were rising.
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The value of Lee Jaseong’s position was increasing in real time.
“Three point five percent…… three point three percent…… three point zero percent…….”
A chill ran up Seo Minjae’s spine.
‘How can it be this precise?’
W е̃ bn̊ ó vê l̇ Ënu̇ ṁã
As if it had never surged, the yield returned to the three point zero percent range.
In that brief span, they had captured the entire zero point six percentage point rise.
People spoke excitedly, their voices raised.
“If we include the 10-year duration, the portfolio value has risen by over three percent!”
Dilarang mengopy novel dari Enuma.id.
“You have to include leverage. That’s a nine percent increase.”
“Then how much is that? Four point five billion?”
W е.b̃ nоv е l̇ Е nu m a
A profit of 4.5 billion won.
A record-breaking return achieved in just a few minutes.
But this was only the beginning.
Seo Minjae recalled an instruction that was not written in the investment strategy document, but which he remembered vividly.
— Liquidate at 1.8%.
“If it really drops to one point eight percent…….”
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At his muttering, the team members reacted with startled gasps.
“Pardon? One point eight percent? Then the return would be…….”
In the meantime, someone opened Excel and began entering numbers.
“That’s a one point two percentage point drop…… with a Treasury duration of eight point five years and three times leverage applied…… one hundred ten percent?”
Once again, suffocating silence fell.
The calculation showed that 20 billion would swell to over 42 billion.
Ŵӗ b̊n̈ о̊ v̀ е l̄ Еn um̈ӓ
A transaction generating more than 22 billion won in net profit in just a few weeks had no precedent in the history of Seoseong Securities.
“Wow…… if that happens, that’s a complete jackpot for a first deal.”
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At those words, Seo Minjae suddenly realized.
Because of the rumor he had spread, he and Lee Jaseong had become a community of fate.
Just a few hours ago, they had almost fallen into the abyss together…….
And conversely, Lee Jaseong’s success had resulted in elevating the reputation of the PBS department.
Ěn̂ û m ӑ .і̊ d
‘Succession consulting…….’
He recalled that word Lee Jaseong had spoken at the very beginning.
Back then, it had sounded vague, but now its meaning had become a little clearer.
A succession consultant.
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Someone who precisely pointed out the direction one had to take amid chaos.
A smile spread across his lips.
Ĕñ ũ m̂ а.іd̀
‘Somehow, it looks pretty good.’
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