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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 90 730 353 007 100 000
USD 8 5 900 000 000
EUR 3 1 125 000 000
municipal
KRW 1311 19 518 749 138 290
corporate
KRW 11535 900 358 829 113 310
USD 499 116 606 900 000
CNY 41 16 890 000 000
HKD 40 17 322 000 000
AUD 32 6 204 400 000
EUR 30 7 462 290 000
CHF 25 5 145 000 000
JPY 15 300 720 000 000
NOK 9 2 650 000 000
BRL 8 3 241 870 000
THB 7 12 300 000 000
IDR 7 12 475 900 000 000
SEK 6 2 470 000 000
INR 6 30 173 900 000
NZD 5 1 100 000 000
CAD 5 935 000 000
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
CJ 4DPLEX, FRN 23jul2022, USD - International bonds XS2026282066 3m LIBOR USD + 0.95% 25 000 000  USD 07/19/2019 07/23/2022
K-water (Korea Water Resources), FRN 2aug2022, USD - International bonds XS2029669343 3m LIBOR USD + 0.65% 100 000 000  USD 07/16/2019 08/02/2022
Korea Western Power, 2.375% 22jul2022, USD - International bonds XS2024662228 2.375% 300 000 000  USD 07/15/2019 07/22/2022
Korea Gas, 2.875% 16jul2029, USD - International bonds US50066CAP41 2.875% 500 000 000  USD 07/09/2019 07/16/2029
POSCO, 2.75% 15jul2024, USD - International bonds USY70750BL04 2.75% 500 000 000  USD 07/08/2019 07/15/2024
Wonik Holdings, FRN 9jul2021, USD - International bonds XS2022040237 3m LIBOR USD + 0.9% 10 000 000  USD 07/05/2019 07/09/2021
Korea Development Bank, 0% 10jul2024, EUR (1827D) - International bonds XS2022179159 0% 500 000 000  EUR 07/02/2019 07/10/2024
Eland Retail, FRN 27jun2022, USD - International bonds XS2018614383 3m LIBOR + 0.95% 30 000 000  USD 06/25/2019 06/27/2022
Hanjin Transportation, FRN 27jun2022, USD - International bonds XS2016772381 3m LIBOR USD + 0.95% 26 000 000  USD 06/25/2019 06/27/2022
Kookmin Bank, 4.35% perp., USD - International bonds US50050HAL06 4.35% 500 000 000  USD 06/25/2019

Stocks indices

Daily indices

Type: 07/18/2019 07/17/2019 07/16/2019 07/15/2019 07/12/2019 07/11/2019 07/10/2019
Stock market (Asia)
[268] KOSPI  2 072.92 2 072.92 2 091.87 2 082.48 2 086.66 2 080.58 2 058.78
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Credit Default Swaps (CDS)

Daily indices

Type: 07/17/2019 07/16/2019 07/15/2019 07/14/2019 07/12/2019 07/11/2019 07/10/2019
CDS Korea
[23561] CDS Korea 5Y 32.5800 32.0300 31.9900 32.0100 32.2500 32.4500 32.0000
[13585] CDS 6M Korea 8.4100 8.5000 7.3000   7.3300 7.3700 7.2600
[13647] CDS 1Y Korea 11.0000 11.1100 9.5400   9.5500 9.6000 9.4500
[13709] CDS 2Y Korea 12.0600 12.1700 12.4600   12.4800 12.5400 12.3500
[13771] CDS 3Y Korea 16.2900 16.4500 17.5300   17.5600 17.6500 17.3800
[13833] CDS 4Y Korea 23.7600 23.8200 24.3600   24.4100 24.5400 24.1700
[13895] CDS 5Y Korea 32.9500 32.8600 32.2600   32.3200 32.5100 32.0200
[13957] CDS 7Y Korea 43.1400 43.5300 43.9400   44.0100 44.2600 43.6600
[14019] CDS 10Y Korea 53.2000 52.8400 53.8600   53.9300 54.2200 53.5900
[14081] CDS 15Y Korea 61.9400 61.2600 62.4800   62.5500 62.8500 62.2800
[14143] CDS 20Y Korea 66.5300 65.7600 67.0200   67.0700 67.3800 66.8500
[14205] CDS 30Y Korea 71.2700 70.4500 71.6700   71.7200 72.0200 71.5700
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BIS

Quarterly indices

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

International bonds outstanding volume

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Asia international bonds outstanding volume
[21653] Korea international bonds, USD bln 143.183 146.777 147.314 147.042 146.549 145.203 140.475
[21691] Korea corporate international bonds, USD bln 136.004 141.121 141.652 139.880 139.369 138.016 133.288
[21729] Korea sovereign international bonds, USD bln 7.179 5.656 5.662 7.162 7.180 7.187 7.188
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Central banks rates

Periodic indices

Type: Current value Change Last update
Asia central banks rates
[1529] Base Rate (Korea), % 1.75 0.25 30.11.2018

Default probability (based on CDS)

Daily indices

Type: 07/17/2019 07/16/2019 07/15/2019 07/12/2019 07/11/2019 07/10/2019 07/09/2019
Default Probability Korea (Interactive Data)
[20349] 6M Default Probability Korea 0.0600 0.0600 0.0500 0.0500 0.0600 0.0500 0.0600
[20411] 1Y Default Probability Korea 0.1700 0.1700 0.1500 0.1500 0.1500 0.1500 0.1600
[20473] 2Y Default Probability Korea 0.3900 0.4000 0.4100 0.4100 0.4100 0.4100 0.4200
[20535] 3Y Default Probability Korea 0.8100 0.8100 0.8700 0.8700 0.8800 0.8700 0.9000
[20597] 4Y Default Probability Korea 1.5800 1.5900 1.6200 1.6300 1.6400 1.6200 1.6700
[20659] 5Y Default Probability Korea 2.7600 2.7500 2.7000 2.7100 2.7300 2.6900 2.7800
[20721] 7Y Default Probability Korea 5.0500 5.1000 5.1500 5.1700 5.2000 5.1300 5.2800
[20783] 10Y Default Probability Korea 8.8300 8.7800 8.9500 8.9700 9.0200 8.9200 9.1300
[20845] 15Y Default Probability Korea 15.1000 14.9400 15.2300 15.2600 15.3400 15.2000 15.4700
[20907] 20Y Default Probability Korea 21.0600 20.8500 21.2100 21.2500 21.3400 21.1800 21.4800
[20969] 30Y Default Probability Korea 31.9500 31.6700 32.1100 32.1500 32.2800 32.1000 32.4200
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New international bonds volume

Yearly indices

Type: 2018 2017 2016 2015 2014
Asia new international bonds volume
[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 30.515 29.450 27.573 23.325 28.084
[19537] Annual new issues of Korea corporate international bonds, (financial sector) USD bln 12.063 12.392 18.891 18.321 18.058
[19575] Annual new issues of Korea corporate international bonds, (non-financial sector) USD bln 18.452 17.058 8.682 5.005 10.026
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