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Korea: bonds

The bond market in the Republic of Korea is one of the largest markets in Asia. Various reforms have led to its rapid development, including gradual market liberalization. All fixed-income instruments are available to foreign investors. The Government continues to issue treasury bonds on a regular basis with maturities of 3, 5, and 10 years. The 3-year bond is the most liquid. However, due to increased issuance of 5-year maturities in 2008, it is also now included as a benchmark. In Korea a corporate issuer should be rated by at least two credit rating agencies.

Bonds in the Republic of Korea can be classified into two main types: government and corporate. The government bond market consists of treasury bonds, National Housing Bonds, and Seoul Metropolitan Subway Bonds. It also includes the central bank's monetary stabilization bonds, as well as financial debentures issued by the Korea Development Bank. Government bonds are the most traded asset class and form the basis for benchmark yields.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
KRW 54 585 554 535 936 000
USD 5 4 900 000 000
EUR 3 1 125 000 000
municipal
KRW 1363 20 903 688 863 290
corporate
KRW 11433 1 027 734 207 358 300
USD 392 107 303 600 000
CNY 47 21 804 000 000
HKD 40 15 677 000 000
AUD 30 5 387 600 000
EUR 22 5 154 490 000
CHF 20 4 665 000 000
JPY 12 186 220 000 000
THB 11 26 800 000 000
NOK 9 2 650 000 000
NZD 6 1 155 000 000
INR 6 30 173 900 000
CAD 5 935 000 000
IDR 5 8 750 900 000 000
SGD 5 1 060 000 000
BRL 4 1 806 670 000
GBP 4 560 000 000
SEK 4 1 720 000 000
ZAR 1 653 600 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
Expert RA *** Foreign curr. scale ***
Expert RA *** Local curr. scale ***
National Rating Agency *** Global scale ***
Japan Credit Rating Agency *** Foreign Currency Long-term Issuer Rating ***
Japan Credit Rating Agency *** Local Currency Long-term Issuer Rating ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Busan Provincial Development Bond, 1.25% 30jun2023, KRW - Domestic bonds KR2006012869 1.25% 2 120 800 000  KRW 06/30/2018 06/30/2023
Busan Subway, 1.25% 30jun2023, KRW - Domestic bonds KR2006014865 1.25% 6 972 535 000  KRW 06/30/2018 06/30/2023
Changwon Provincial Development Bond, 1.25% 30jun2023, KRW - Domestic bonds KR2100012864 1.25% 2 250 675 000  KRW 06/30/2018 06/30/2023
Chungbuk Provincial Development Bond, 1.25% 30jun2023, KRW - Domestic bonds KR2033012866 1.25% 5 522 470 000  KRW 06/30/2018 06/30/2023
Chungnam Provincial Development Bond, 1.25% 30jun2023, KRW - Domestic bonds KR2022012869 1.25% 5 756 915 000  KRW 06/30/2018 06/30/2023
Daegu Provincial Development Bond, 1.25% 30jun2023, KRW - Domestic bonds KR2007012868 1.25% 1 839 625 000  KRW 06/30/2018 06/30/2023
Daegu Subway, 1.25% 30jun2023, KRW - Domestic bonds KR2007014864 1.25% 2 700 265 000  KRW 06/30/2018 06/30/2023
Daejeon Provincial Development Bond, 1.25% 30jun2023, KRW - Domestic bonds KR2003012862 1.25% 4 170 040 000  KRW 06/30/2018 06/30/2023
Gangwon Provincial Development Bond, 1.25% 30jun2023, KRW - Domestic bonds KR2002012863 1.25% 13 686 900 000  KRW 06/30/2018 06/30/2023
Gwangju Provincial Development Bond, 1.25% 30jun2023, KRW - Domestic bonds KR2005012860 1.25% 4 650 495 000  KRW 06/30/2018 06/30/2023

World Bond market statistics

Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of emerging countries
Korean international bonds, USD bln 171.300 168.100 172.600 171.400 174.700 173.200 177.800
BIS net issues of international-bond market of emerging countries
International-bond net issue of Korea, USD bln 2.400 2.100 1.000 3.000 -0.200 -4.100 -0.500

New issues of Emerging markets International Bonds

Yearly indices

Type 2017 2016 2015 2014
Annual new International Bonds issues (Asia)
Annual new issues of Korea sovereign international bonds, USD bln 1.000 0.000 0.000 2.022
Annual new issues of Korea corporate international bonds, USD bln 29.450 27.573 23.325 28.084
Annual new issues of Korea corporate international bonds, (financial sector) USD bln 19.487 18.891 18.321 18.058
Annual new issues of Korea corporate international bonds, (non-financial sector) USD bln 9.963 8.682 5.005 10.026

Emerging Markets International Bonds

Monthly indices

Type May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017
Asian International Bonds Markets
Korea international bonds, USD bln 137.520 136.928 135.925 183.196 133.722 132.798 133.183
Korea corporate international bonds, USD bln 131.305 130.664 129.639 176.923 127.426 126.547 126.944
Korea sovereign international bonds, USD bln 6.215 6.264 6.286 6.272 6.297 6.251 6.239
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Credit Risk Indicators

Daily indices

Type: 06/21/2018 06/20/2018 06/19/2018 06/18/2018 06/15/2018 06/14/2018 06/13/2018
CDS Korea (Interactive Data)
CDS 6M Korea 16.8600 16.4900 17.1700 16.6500 16.3200 15.9700 16.1500
CDS 1Y Korea 18.0500 17.6600 18.3800 17.8300 17.4600 17.0900 17.2800
CDS 2Y Korea 22.0600 21.6600 22.5400 21.8500 21.3900 20.9400 21.1700
CDS 3Y Korea 26.7700 26.3400 27.4100 26.5800 26.0200 25.4700 25.7500
CDS 4Y Korea 35.8200 35.3900 36.8100 35.6900 34.9400 34.1900 34.5900
CDS 5Y Korea 45.1000 44.6300 46.4200 45.0100 44.0700 43.1200 43.6200
CDS 7Y Korea 57.8200 57.4500 59.5200 57.8800 56.7800 55.6500 56.2400
CDS 10Y Korea 68.1200 67.7400 69.8600 68.1800 67.0400 65.8700 66.4800
CDS 15Y Korea 81.4000 81.0400 83.0600 81.4400 80.3500 79.1700 79.7800
CDS 20Y Korea 88.4300 88.1000 90.0200 88.4700 87.4200 86.2600 86.8500
CDS 30Y Korea 94.8000 94.5100 96.2700 94.8400 93.8600 92.7600 93.3100
Default Probability Korea (Interactive Data)
6M Default Probability Korea 0.1400 0.1400 0.1500 0.1400 0.1400 0.1400 0.1400
1Y Default Probability Korea 0.3000 0.3000 0.3100 0.3000 0.3000 0.2900 0.3000
2Y Default Probability Korea 0.7500 0.7300 0.7600 0.7400 0.7300 0.7100 0.7200
3Y Default Probability Korea 1.3600 1.3400 1.3900 1.3500 1.3300 1.3000 1.3200
4Y Default Probability Korea 2.4400 2.4100 2.5100 2.4300 2.3900 2.3400 2.3700
5Y Default Probability Korea 3.8400 3.8100 3.9600 3.8400 3.7700 3.6900 3.7400
7Y Default Probability Korea 6.8700 6.8400 7.0700 6.8900 6.7700 6.6500 6.7200
10Y Default Probability Korea 11.3900 11.3400 11.6700 11.4200 11.2500 11.0700 11.1700
15Y Default Probability Korea 19.8900 19.8300 20.2500 19.9200 19.7000 19.4600 19.6100
20Y Default Probability Korea 27.8200 27.7700 28.2300 27.8600 27.6100 27.3200 27.5000
30Y Default Probability Korea 41.3000 41.2500 41.7300 41.3500 41.0600 40.7400 40.9500
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Macroeconomic Indicators (World economy)

Monthly indices

Type May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (South Korea) 1.50 1.60 1.30 1.40 1.00 1.50 1.30
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Yearly indices

Type 2017 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(South Korea) 38.00 38.60 37.80 35.90

Stock market (World)

Daily indices

Type: 06/22/2018 06/21/2018 06/20/2018 06/19/2018 06/18/2018 06/15/2018 06/14/2018
Stock market (Asia)
KOSPI  2 343.40 2 337.83 2 363.91 2 340.11 2 376.24 2 404.04 2 423.48
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JP Morgan

Daily indices

Type: 08/20/2013 08/19/2013 08/16/2013 08/15/2013 08/14/2013 08/13/2013 08/12/2013
ELMI (publication was suspended since 20.08.2013) 
ELMI South Korea * * * * * * *
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