{"id":2206739,"date":"2024-10-09T16:24:50","date_gmt":"2024-10-09T07:24:50","guid":{"rendered":"https:\/\/koreapro.org\/?p=2206739"},"modified":"2024-10-10T13:29:26","modified_gmt":"2024-10-10T04:29:26","slug":"south-korea-to-join-major-bond-index-opening-doors-for-foreign-investment","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/10\/south-korea-to-join-major-bond-index-opening-doors-for-foreign-investment\/","title":{"rendered":"South Korea to join major bond index, opening doors for foreign investment"},"content":{"rendered":"

FTSE Russell <\/span>announced<\/span><\/a> on Wednesday that it will include South Korea on its World Government Bond Index (WGBI) beginning in Nov. 2025, opening the door to substantial foreign capital inflows.<\/span><\/p>\n

The decision follows Seoul\u2019s efforts to reform its financial markets in recent years to improve accessibility to foreign investors and promises to create significant opportunities for economic growth.<\/span><\/p>\n

However, the potential for increased volatility and regulatory challenges underscores that the development is not without risk, and how South Korea approaches financial liberalization going forward could determine whether it can finally take the next step toward being recognized as a developed economy.<\/span><\/p>\n

WGBI INCLUSION EXPLAINED<\/b><\/p>\n

FTSE Russell\u2019s <\/span>decision<\/span><\/a> to include South Korea in the WGBI, a benchmark followed by global investors managing $29 trillion in assets, highlights the country\u2019s growing prominence in international finance.<\/span><\/p>\n

The company reclassified South Korea\u2019s market accessibility from one to two, meeting the necessary criteria for WGBI inclusion.<\/span><\/p>\n

The phased inclusion, set to begin in Nov. 2025 and roll out over a year, will elevate South Korea\u2019s standing in global capital markets.<\/span><\/p>\n

Industry experts <\/span>reportedly<\/span><\/a> believe that this inclusion could see South Korea attract as much as $67 billion (90 trillion won) in foreign capital over the next few years as international investors seek exposure to South Korean government bonds.\u00a0<\/span><\/p>\n

For investors, South Korean bonds will represent 2.22% of the WGBI, positioning the country as a critical player among developed bond markets. The opportunity for South Korea is clear: greater liquidity, lower borrowing costs and increased foreign investor participation.<\/span><\/p>\n

For instance, South Korea\u2019s green energy projects, including offshore wind farms and renewable energy infrastructure, could attract more foreign capital, driving down borrowing costs and accelerating project timelines.<\/span><\/p>\n

Similarly, the semiconductor industry may see an influx of foreign investment, enabling firms like Samsung and SK Hynix to expand production capacity and develop advanced technologies.<\/span><\/p>\n

Lower financing costs will also benefit the country\u2019s <\/span>long-suffering<\/span><\/a> construction and real estate sectors, where major developments could see improved funding conditions, further boosting the country\u2019s economic growth prospects.<\/span><\/p>\n

\"\"

A building under construction | Image: Canva<\/em><\/p><\/div>\n

BOOST TO CAPITAL MARKETS<\/b><\/p>\n

Increased foreign investment is also expected to bring substantial benefits to South Korea\u2019s bond market.\u00a0<\/span><\/p>\n

The demand for government bonds will likely rise, pushing bond prices higher and reducing yields. This will make it cheaper for the South Korean government and corporations to raise funds for infrastructure projects and other long-term investments.<\/span><\/p>\n

Increased foreign participation also offers the potential to <\/span>stabilize the market<\/span><\/a> by adding liquidity, making it more resilient to shocks. Small- and medium-sized enterprises (SMEs), which often face higher borrowing costs, could see their financing options improve due to lower interest rates. This inflow of foreign capital will also help to strengthen the won, providing further stability in the currency market.<\/span><\/p>\n

However, the positive impact of WGBI inclusion must be weighed against the broader challenges facing South Korea\u2019s corporate bond market.<\/span><\/p>\n

As seen in the fallout from the <\/span>Legoland default in 2022<\/span><\/a>, high interest rates and liquidity constraints made it more expensive for companies to issue debt, placing significant pressure on corporate borrowers. Additionally, firms that have traditionally relied on short-term borrowing, such as the <\/span>construction sector<\/span><\/a>, have found it challenging to refinance existing debt.<\/span><\/p>\n

Further, large corporations like KEPCO, which continues to face <\/span>massive losses<\/span><\/a>, have crowded out other borrowers by issuing debt at higher interest rates. This dynamic has worsened conditions for smaller firms, which are struggling to compete for capital in an environment where borrowing costs have increased.<\/span><\/p>\n

While the inclusion in the WGBI is expected to attract foreign investment in government bonds, the corporate bond market could face continued strain, particularly <\/span>if interest rates remain elevated<\/span><\/a>.<\/span><\/p>\n

The potential for capital inflows from WGBI inclusion could help alleviate some of these pressures, but it is crucial to recognize the existing vulnerabilities in South Korea\u2019s corporate debt market. If foreign investors focus primarily on government bonds, SMEs and other non-financial corporations may continue to face liquidity challenges.<\/span><\/p>\n

RISKS OF REGULATORY UNCERTAINTY<\/b><\/p>\n

Despite the positive outlook, significant risks remain, particularly surrounding South Korea\u2019s regulatory environment.<\/span><\/p>\n

The <\/span>extended short-selling ban<\/span><\/a>, in place until March 2025, has created uncertainty among foreign investors.<\/span><\/p>\n

Initially imposed to address illegal short selling, the ban\u2019s extension has raised concerns about market liquidity and institutional investors\u2019 ability to manage portfolio risks effectively.<\/span><\/p>\n

Foreign investors, who rely on short selling as a risk management tool, view the ban as a <\/span>restriction on market mechanisms<\/span><\/a> that allow for price correction.\u00a0<\/span><\/p>\n

This uncertainty could deter investment, particularly if the ban is extended further or new regulatory systems, such as the Naked Short-Selling Detecting System, are not implemented effectively.<\/span><\/p>\n

\"\"

Korea Exchange, July 25, 2024 | Image: Korea Pro<\/em><\/p><\/div>\n

BROADER ECONOMIC IMPLICATIONS<\/b><\/p>\n

South Korea\u2019s path to WGBI inclusion was not without challenges, and the development raises broader questions about the country\u2019s status as a developed or emerging market.\u00a0<\/span><\/p>\n

Over the past two years, the government implemented a series of reforms to improve market accessibility for foreign investors.<\/span><\/p>\n

Key measures<\/span><\/a> include abolishing the Investor Registration Certificate, which previously required foreign investors to apply for and obtain a registration certificate before they could trade in South Korea\u2019s bond and stock markets. The government also introduced tax exemptions on foreign bond investment income.<\/span><\/p>\n

Additionally, South Korea\u2019s opening of <\/span>omnibus accounts<\/span><\/a> through international central securities depositories, such as Euroclear and Clearstream, significantly simplified the investment process for international investors.<\/span><\/p>\n

Another critical reform was the liberalization of the foreign exchange market. By <\/span>extending foreign exchange market trading hours<\/span><\/a> and allowing foreign institutions direct access to the onshore forex market, South Korea has taken steps to align itself with global financial centers.<\/span><\/p>\n

But despite being the 14th-largest economy in the world, South Korea continues to be classified as an <\/span>emerging market<\/span><\/a> by global index provider Morgan Stanley Capital International (MSCI) due to several key issues.<\/span><\/p>\n

These include the extended short-selling ban and the absence of round-the-clock trading for securities and currency. Additionally, South Korea\u2019s <\/span>corporate governance standards<\/span><\/a>, including a lack of transparency and insufficient availability of company information in English, further deter MSCI from upgrading the country to developed market status.<\/span><\/p>\n

The inclusion of South Korea in the WGBI could be a significant step toward achieving developed market status, a designation that would bring further investment inflows and greater international recognition.<\/span><\/p>\n

However, South Korea\u2019s cautious approach to financial liberalization, shaped by past crises, such as the 1997 Asian Financial Crisis, means that some restrictions, such as controls on foreign exchange trading and short-selling, will likely remain in place for the foreseeable future.<\/span><\/p>\n

These restrictions may slow the country\u2019s progress toward developed market status and limit its appeal to foreign investors.<\/span><\/p>\n

Looking ahead, South Korea\u2019s inclusion in the WGBI represents a significant opportunity to solidify its position in global financial markets. However, much will depend on how well the government can navigate the regulatory challenges and ensure that its market reforms are effective and sustainable.<\/span><\/p>\n

It remains to be seen if South Korea will emerge as a more attractive destination for foreign investment.<\/span><\/p>\n

Edited by Alannah Hill<\/span><\/i><\/p>\n

Business & Economy<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

FTSE Russell announced on Wednesday that it will include South Korea on its World Government Bond Index (WGBI) beginning in Nov. 2025, opening the door to substantial foreign capital inflows. The decision follows Seoul\u2019s efforts to reform its financial markets in recent years to improve accessibility to foreign investors and promises to create significant opportunities […]<\/p>\n","protected":false},"author":10407,"featured_media":2206740,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[24],"class_list":["post-2206739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-business-economy"],"yoast_head":"\nSouth Korea to join major bond index, opening doors for foreign investment - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/10\/south-korea-to-join-major-bond-index-opening-doors-for-foreign-investment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea to join major bond index, opening doors for foreign investment - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"FTSE Russell announced on Wednesday that it will include South Korea on its World Government Bond Index (WGBI) beginning in Nov. 2025, opening the door to substantial foreign capital inflows. 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