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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

Moneda Outstanding bond issues Cumulative volume
Soberano
KRW 52 571 629 036 000 000
USD 5 4 900 000 000
EUR 3 1 125 000 000
Municipal
KRW 1355 21 119 368 104 000
Corporativo
KRW 10475 793 297 572 082 000
USD 381 102 171 400 000
CNY 49 22 152 000 000
HKD 41 15 299 000 000
AUD 31 5 487 600 000
EUR 23 5 484 290 000
CHF 16 3 485 000 000
JPY 15 227 720 000 000
NOK 10 3 150 000 000
THB 10 28 800 000 000
NZD 8 1 321 000 000
SGD 7 1 170 750 000
INR 6 21 873 900 000
IDR 6 7 250 400 000 000
CAD 5 935 000 000
GBP 4 560 000 000
SEK 4 1 720 000 000
BRL 3 1 312 420 000
MYR 2 550 000 000
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
Korea Land and Housing, 1.8% 28feb2021, KRW - Bonos locales KR356101D828 1.8% 2 115 000 000  KRW 28/02/18 28/02/21
Korea Land and Housing, 2.19% 28feb2021, KRW - Bonos locales KR356102D826 2.19% 530 000 000  KRW 28/02/18 28/02/21
Korea Land and Housing, 2.44% 28feb2023, KRW - Bonos locales KR356103D824 2.44% 2 640 000 000  KRW 28/02/18 28/02/23
Busan Provincial Development Bond, 1.25% 28feb2023, KRW - Bonos locales KR2006012828 1.25% 920 170 000  KRW 28/02/18 28/02/23
Busan Subway, 1.25% 28feb2023, KRW - Bonos locales KR2006014824 1.25% 3 735 380 000  KRW 28/02/18 28/02/23
Daejeon Provincial Development Bond, 1.25% 28feb2023, KRW - Bonos locales KR2003012821 1.25% 1 901 395 000  KRW 28/02/18 28/02/23
Incheon Provincial Development Bond, 1.25% 28feb2023, KRW - Bonos locales KR2004012820 1.25% 3 352 780 000  KRW 28/02/18 28/02/23
Gangwon Provincial Development Bond, 1.25% 28feb2023, KRW - Bonos locales KR2002012822 1.25% 4 096 720 000  KRW 28/02/18 28/02/23
Gwangju Provincial Development Bond, 1.25% 28feb2023, KRW - Bonos locales KR2005012829 1.25% 1 591 570 000  KRW 28/02/18 28/02/23
Seoul Subway, 1.25% 28feb2025, KRW - Bonos locales KR2001024828 1.25% 23 710 200 000  KRW 28/02/18 28/02/25

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

Emerging Markets International Bonds

Monthly indices

Type Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017 Aug 2017 Jul 2017
Asian International Bonds Markets
Korea’s international bonds, USD bln 133.803 132.656 133.034 131.975 130.719 129.698 130.940
Korea’s corporate international bonds, USD bln 127.506 126.405 126.795 125.765 124.490 123.459 124.708
Korea’s sovereign international bonds, USD bln 6.297 6.251 6.239 6.211 6.230 6.239 6.232
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Credit Risk Indicators

Daily indices

Type: 21/02/18 20/02/18 19/02/18 16/02/18 15/02/18 14/02/18 13/02/18
Default Probability
6M Default Probability Korea 0.1300 0.1200 0.1300 0.1400 0.1400 0.1400 0.1500
1Y Default Probability Korea 0.3500 0.3400 0.3400 0.3700 0.3700 0.3800 0.4100
2Y Default Probability Korea 0.8800 0.8700 0.9000 0.9700 0.9500 0.9800 1.0500
3Y Default Probability Korea 1.6500 1.6300 1.6500 1.7600 1.7400 1.8000 1.8900
4Y Default Probability Korea 2.7100 2.6900 2.6500 2.8300 2.7900 2.8800 3.0000
5Y Default Probability Korea 4.2600 4.2400 4.0200 4.2900 4.1800 4.3100 4.4700
7Y Default Probability Korea 7.4900 7.4500 7.2600 7.6800 7.5500 7.7700 7.9500
10Y Default Probability Korea 12.3100 12.2400 11.8600 12.4300 12.3000 12.6000 12.8900
15Y Default Probability Korea 21.1700 21.0700 20.5100 21.2300 21.0900 21.4800 21.9100
20Y Default Probability Korea 29.3100 29.1800 28.5100 29.3100 29.1200 29.5700 30.0700
30Y Default Probability Korea 42.9400 42.7900 42.0200 42.8700 42.6700 43.1700 43.7200
CDS Interactive Data 
CDS 6M Korea * * * * * * *
CDS 1Y Korea * * * * * * *
CDS 2Y Korea * * * * * * *
CDS 3Y Korea * * * * * * *
CDS 4Y Korea * * * * * * *
CDS 5Y Korea * * * * * * *
CDS 7Y Korea * * * * * * *
CDS 10Y Korea * * * * * * *
CDS 15Y Korea * * * * * * *
CDS 20Y Korea * * * * * * *
CDS 30Y Korea * * * * * * *
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Macroeconomic Indicators (World economy)

Monthly indices

Type Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017 Aug 2017 Jul 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (South Korea) 1.00 1.50 1.30 1.80 2.10 2.60 2.20
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Yearly indices

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

Stock market (World)

Daily indices

Type: 22/02/18 21/02/18 20/02/18 19/02/18 14/02/18 13/02/18 12/02/18
Stock market (Asia)
KOSPI  2 414.28 2 414.32 2 415.12 2 442.82 2 421.83 2 395.19 2 385.38
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JP Morgan

Daily indices

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