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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 76 720 285 507 100 000
USD 7 5 900 000 000
EUR 3 1 125 000 000
municipal
KRW 1261 19 261 595 613 290
corporate
KRW 10654 821 957 990 182 310
USD 438 109 193 000 000
HKD 39 15 422 000 000
CNY 38 16 786 000 000
AUD 33 6 724 400 000
EUR 26 6 390 290 000
CHF 20 4 245 000 000
JPY 16 293 520 000 000
NOK 9 2 650 000 000
THB 9 15 300 000 000
BRL 7 2 636 670 000
INR 6 30 173 900 000
IDR 6 9 750 900 000 000
NZD 5 1 100 000 000
CAD 5 935 000 000
SEK 4 1 720 000 000
GBP 3 310 000 000
SGD 2 350 000 000
ZAR 1 653 600 000
MXN 1 150 000 000

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.) ***
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
Hanwha Total Petrochemical, 3.875% 23jan2024, USD - International bonds XS1923275553 3.875% 400 000 000  USD 01/15/2019 01/23/2024
Korea Midland Power, 3.375% 22jan2022, USD - International bonds XS1917957687 3.375% 300 000 000  USD 01/14/2019 01/22/2022
KEXIM, FRN 15jan2021, USD - International bonds XS1935469947 3M LIBOR USD+0.32% 100 000 000  USD 01/09/2019 01/15/2021
KEXIM, 8.4% 30nov2021, IDR - International bonds XS1914540817 8.4% 1 000 000 000 000  IDR 01/08/2019 11/30/2021
The Mackiss Company, FRN 23dec2021, USD - International bonds XS1926166205 3M LIBOR USD+0.95% 9 000 000  USD 12/24/2018 12/23/2021
DAEMYUNG HOLDINGS, FRN 17dec2021, USD - International bonds XS1920063846 3M LIBOR USD+0.95% 10 000 000  USD 12/13/2018 12/17/2021
MD GURI, FRN 14dec2021, USD - International bonds XS1922186165 3M LIBOR USD+1.1% 17 000 000  USD 12/12/2018 12/14/2021
Kookmin Bank, 3.409% 5dec2021, USD - International bonds XS1919321882 3.409% 100 000 000  USD 11/30/2018 12/05/2020
RCI Financial Services Korea, 2.635% 30nov2021, KRW - Domestic bonds KR61363018B3 2.635% 90 000 000 000  KRW 11/30/2018 11/30/2021
Hanwha Chemical, 2.307% 29nov2021, KRW - Domestic bonds KR60098318B1 2.307% 60 000 000 000  KRW 11/29/2018 11/29/2021

World Bond market statistics

Quarterly indices

Type: III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017 I 2017
BIS volume of international-bond market of emerging countries
[10333] Korean international bonds, USD bln 196.600 189.500 187.400 181.200 177.500 174.300 171.300
BIS net issues of international-bond market of emerging countries
[10539] International-bond net issue of Korea, USD bln 7.700 4.000 5.400 3.500 2.700 1.400 2.400

New issues of Emerging markets International Bonds

Yearly indices

Type: 2018 2017 2016 2015 2014
Annual new International Bonds issues (Asia)
[19461] Annual new issues of Korea sovereign international bonds, USD bln 1.000 1.000 0.000 0.000 2.022
[19499] Annual new issues of Korea corporate international bonds, USD bln 31.928 29.450 27.573 23.325 28.084
[19537] Annual new issues of Korea corporate international bonds, (financial sector) USD bln 12.789 12.392 18.891 18.321 18.058
[19575] Annual new issues of Korea corporate international bonds, (non-financial sector) USD bln 19.139 17.058 8.682 5.005 10.026

Emerging Markets International Bonds

Monthly indices

Type: Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018
Volume of Asian International Bonds Markets
[21653] Korea international bonds, USD bln 140.475 141.998 142.342 142.715 143.646 143.721 138.752
[21691] Korea corporate international bonds, USD bln 133.288 134.825 135.168 135.510 137.441 137.505 132.540
[21729] Korea sovereign international bonds, USD bln 7.188 7.173 7.174 7.206 6.205 6.216 6.213
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Credit Risk Indicators

Daily indices

Type: 01/18/2019 01/17/2019 01/16/2019 01/15/2019 01/14/2019 01/11/2019 01/10/2019
CDS Korea (Interactive Data)
[13585] CDS 6M Korea 10.9300 11.1600 11.1500 11.3100 11.5300 11.5400 11.9900
[13647] CDS 1Y Korea 11.3200 11.5600 11.5500 11.7000 11.9300 11.9400 12.4100
[13709] CDS 2Y Korea 13.4700 13.7400 13.7300 15.0200 15.3100 15.3100 15.9000
[13771] CDS 3Y Korea 18.3200 18.6900 18.6600 19.7900 20.1700 20.1600 20.9400
[13833] CDS 4Y Korea 25.7900 26.3000 26.2700 27.4600 27.9900 27.9700 29.0600
[13895] CDS 5Y Korea 34.2000 34.8800 34.7300 35.6400 36.3300 36.3000 37.7200
[13957] CDS 7Y Korea 46.6600 47.4900 47.4500 48.5600 49.4100 49.3700 51.1000
[14019] CDS 10Y Korea 56.6500 57.5200 57.4800 59.0700 59.9700 59.9200 61.7300
[14081] CDS 15Y Korea 64.9500 65.7700 65.7300 67.5300 68.3700 68.3200 70.0100
[14143] CDS 20Y Korea 69.2000 69.9700 69.9400 71.7600 72.5600 72.5100 74.1100
[14205] CDS 30Y Korea 73.4400 74.1400 74.1100 75.8800 76.6100 76.5600 78.0200
Default Probability Korea (Interactive Data)
[20349] 6M Default Probability Korea 0.0800 0.0800 0.0800 0.0800 0.0800 0.0900 0.0900
[20411] 1Y Default Probability Korea 0.1800 0.1800 0.1800 0.1800 0.1900 0.1900 0.2000
[20473] 2Y Default Probability Korea 0.4400 0.4500 0.4500 0.4900 0.5000 0.5000 0.5200
[20535] 3Y Default Probability Korea 0.9100 0.9300 0.9300 0.9800 1.0000 1.0100 1.0500
[20597] 4Y Default Probability Korea 1.7300 1.7600 1.7600 1.8400 1.8800 1.8800 1.9500
[20659] 5Y Default Probability Korea 2.8800 2.9400 2.9300 3.0000 3.0600 3.0600 3.1900
[20721] 7Y Default Probability Korea 5.5300 5.6200 5.6200 5.7400 5.8400 5.8400 6.0500
[20783] 10Y Default Probability Korea 9.5000 9.6400 9.6300 9.8900 10.0300 10.0300 10.3300
[20845] 15Y Default Probability Korea 15.9700 16.1400 16.1300 16.5400 16.7200 16.7200 17.1000
[20907] 20Y Default Probability Korea 22.0700 22.2600 22.2500 22.7600 22.9700 22.9600 23.3900
[20969] 30Y Default Probability Korea 33.0900 33.3000 33.2900 33.9100 34.1400 34.1200 34.6100
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Macroeconomic Indicators (World economy)

Monthly indices

Type: Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Inflation Rate (World), % to the same period of the previous year
[15825] Inflation Rate (South Korea) 2.00 1.90 1.40 1.50 1.50 1.50 1.60
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Yearly indices

Type: 2017 2016 2015 2014
Government Debt to GDP (World), %
[15459] Government Debt to GDP(South Korea) 38.00 38.60 37.80 35.90

Stock market (World)

Daily indices

Type: 01/18/2019 01/17/2019 01/16/2019 01/15/2019 01/14/2019 01/11/2019 01/10/2019
Stock market (Asia)
[268] KOSPI  2 124.28 2 107.06 2 106.10 2 097.18 2 064.52 2 075.57 2 063.28
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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) 
[3317] ELMI South Korea * * * * * * *
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