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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 100 750 565 912 100 000
USD 8 5 900 000 000
EUR 3 1 125 000 000
municipal
KRW 1357 19 809 090 358 290
corporate
KRW 12027 951 255 287 973 510
USD 530 118 239 350 000
CNY 41 16 757 000 000
HKD 39 16 722 000 000
EUR 29 7 905 290 000
AUD 28 5 786 900 000
CHF 25 5 495 000 000
JPY 15 300 720 000 000
NOK 9 2 650 000 000
THB 7 12 300 000 000
IDR 7 12 245 900 000 000
SEK 6 2 470 000 000
INR 5 25 532 200 000
BRL 5 1 981 000 000
CAD 5 935 000 000
MXN 3 7 540 000 000
NZD 3 900 000 000
SGD 2 350 000 000
ZAR 1 653 600 000
GBP 1 250 000 000

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
Industrial Bank of Korea, 2.125% 23oct2024, USD - International bonds US45604HAF47 2.125% 300 000 000  USD 10/16/2019 10/23/2024
Industrial Bank of Korea, FRN 23oct2022, USD - International bonds US45604HAG20 3M LIBOR USD + 0.45% 300 000 000  USD 10/16/2019 10/23/2022
The Korea Development Bank (Singapore), FRN 21oct2022, USD - International bonds XS2067179718 3m LIBOR + 0.405% 50 000 000  USD 10/14/2019 10/21/2022
Kolon Industries, FRN 11oct2022, USD - International bonds XS2057844461 3M LIBOR USD + 0.95% 30 000 000  USD 10/08/2019 10/11/2022
Korea Development Bank (London Branch), FRN 15oct2021, USD - International bonds XS2066077772 3M LIBOR USD + 0.32% 50 000 000  USD 10/08/2019 10/15/2021
Shinhan Bank, 0.25% 16oct2024, EUR - International bonds XS2058731717 0.25% 500 000 000  EUR 10/08/2019 10/16/2024
Hanwha Chemical, FRN 11oct2022, USD - International bonds XS2063495654 3M LIBOR USD + 0.95% 50 000 000  USD 10/04/2019 10/11/2022
Hanwha Chemical, FRN 11oct2022, USD - International bonds XS2064260800 3m LIBOR USD + 0.95% 50 000 000  USD 10/04/2019 10/11/2022
Hanwha Chemical, FRN 11oct2022, USD - International bonds XS2065313558 3m LIBOR USD + 1% 50 000 000  USD 10/04/2019 10/11/2022
KEXIM, FRN 14oct2020, USD - International bonds XS2064650778 3m LIBOR USD + 0.2% 50 000 000  USD 10/04/2019 10/14/2020

Domestic bonds outstanding volume

Monthly indices

Type: Sep 2019 Aug 2019
Asia bond issues outstanding amount
[24629] Amount of outstanding issues of Korea corporate bonds 807.5718 793.8193
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Stocks indices

Daily indices

Type: 10/23/2019 10/22/2019 10/21/2019 10/18/2019 10/17/2019 10/16/2019 10/15/2019
Stock market (Asia)
[268] KOSPI  2 083.96 2 088.86 2 064.84 2 060.69 2 077.94 2 082.83 2 068.17
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Credit Default Swaps (CDS)

Daily indices

Type: 10/22/2019 10/21/2019 10/18/2019 10/17/2019 10/16/2019 10/15/2019 10/14/2019
CDS Korea
[13585] CDS 6M Korea 13.5600 13.9400 14.0200 11.8000 11.7700 11.7600 11.7900
[13647] CDS 1Y Korea 14.4300 14.8400 14.9400 12.5700 12.5400 12.5400 12.5800
[13709] CDS 2Y Korea 15.4800 15.9300 16.8400 14.7000 14.6800 14.6800 14.7500
[13771] CDS 3Y Korea 17.0700 17.5700 20.3800 18.9500 18.9300 18.9400 19.0600
[13833] CDS 4Y Korea 22.8500 23.5200 25.6000 25.2500 25.2300 25.2400 25.4200
[13895] CDS 5Y Korea 30.4000 31.2900 31.5900 32.4500 32.4300 32.4500 32.6800
[13957] CDS 7Y Korea 42.1700 43.2900 41.7600 43.9100 43.8800 43.9100 44.1900
[14019] CDS 10Y Korea 54.0300 55.2600 52.7200 55.6300 55.5900 55.6400 55.9400
[14081] CDS 15Y Korea 64.1700 65.3600 62.9200 65.9700 65.9400 66.0000 66.2800
[14143] CDS 20Y Korea 69.0800 70.2100 67.9100 70.9000 70.8700 70.9400 71.2100
[14205] CDS 30Y Korea 73.6200 74.6500 72.5900 75.3700 75.3500 75.4200 75.6600
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International bonds outstanding volume

Monthly indices

Type: Sep 2019 Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019
Asia international bonds outstanding volume
[21653] Korea international bonds, USD bln 146.551 144.501 146.792 143.183 146.777 147.314 147.042
[21691] Korea corporate international bonds, USD bln 139.425 137.364 139.647 136.004 141.121 141.652 139.880
[21729] Korea sovereign international bonds, USD bln 7.126 7.136 7.145 7.179 5.656 5.662 7.162
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Central banks rates

Periodic indices

Type: Current value Change Last update
Asia central banks rates
[1529] Base Rate (Korea), % 1.25 -0.25 16.10.2019

Default probability (based on CDS)

Daily indices

Type: 10/22/2019 10/21/2019 10/18/2019 10/17/2019 10/16/2019 10/15/2019 10/14/2019
Default Probability Korea (Interactive Data)
[20349] 6M Default Probability Korea 0.1500 0.1600 0.1600 0.1300 0.1300 0.1400 0.1400
[20411] 1Y Default Probability Korea 0.2800 0.2900 0.3000 0.2500 0.2500 0.2500 0.2500
[20473] 2Y Default Probability Korea 0.5600 0.5800 0.6200 0.5400 0.5400 0.5400 0.5400
[20535] 3Y Default Probability Korea 0.9100 0.9400 1.0900 1.0200 1.0200 1.0200 1.0200
[20597] 4Y Default Probability Korea 1.6100 1.6500 1.8000 1.7800 1.7800 1.7900 1.8000
[20659] 5Y Default Probability Korea 2.6600 2.7400 2.7600 2.8400 2.8400 2.8500 2.8700
[20721] 7Y Default Probability Korea 5.1000 5.2400 5.0400 5.3100 5.3100 5.3200 5.3500
[20783] 10Y Default Probability Korea 9.1800 9.3800 8.9500 9.4400 9.4400 9.4500 9.4900
[20845] 15Y Default Probability Korea 15.8500 16.1200 15.5500 16.2600 16.2500 16.2700 16.3300
[20907] 20Y Default Probability Korea 22.0100 22.3300 21.6700 22.5200 22.5100 22.5400 22.5900
[20969] 30Y Default Probability Korea 32.9000 33.2800 32.5500 33.5200 33.5000 33.5400 33.6000
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New domestic bonds volume

Monthly indices

Type: Sep 2019 Aug 2019
Asia new bond issues amount
[24627] Amount of new issues of Korea corporate bonds 20.8320 18.6791
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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 30.670 29.450 27.573 23.325 28.084
[19537] Annual new issues of Korea corporate international bonds, (financial sector) USD bln 12.138 12.392 18.891 18.321 18.058
[19575] Annual new issues of Korea corporate international bonds, (non-financial sector) USD bln 18.532 17.058 8.682 5.005 10.026

New domestic bonds number

Monthly indices

Type: Sep 2019 Aug 2019
Asia new bond issues number
[24625] Number of new issues of Korea corporate bonds 319 295
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