Receivables
불특정금전신탁에서 운용하고 있는 자산 중 시가평가적용이 어려운 신탁자산(대출금, CP
에 대하여 자산건전성 분류기준에 의해 적립한 대손충당금
채권형
증권투자신탁
Bond Investment Trust
고객으로부터 예치받은 증권투자신탁재산을 투자신탁운용회사가 채권에 주로(60%이상)
책임보험(자동차)Compulsory Insurance
자동차손해배상보장법률에 의하여 가입이 강제되는 자동차보험
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책임준비금
Policy Reserves
보험계약자 또는 수익자에게 장래에 보험금, 환급금, 배당금을 지급하기 위하여 적립한 금
의 일종
책임준비금증가액Increase in Policy Reserves
금년도에 적립할 책임준비금이 전년도에 적립한 책임준비금을 초과하는 금액
총고정투자
Gross Fixed Capital
Formation
국내총투자를 총 고정자본형성을 이루는 고정투자와 재고증가에 의한 재고투자로 구분할
업의 생산과정에서 사용되어 없어진 자본시설을 보충하는 것으로 국민총생산
중에서 고정자본소모에 해당하
만을 투자하는 대체투자와 생산량을 늘리기 위하여 자본시설의 규모를 확장하는 신규투자
총신용공여
Total Credit Exposure
금융회사가 고객에 제공한 신용공여액의 총합계액으로 대출채권, 여신성 유가증권(사모사
스채권, 여신성가지급금 및 미수금 등 직접적인 신용공여분 뿐만아니라 금융회사가 현재
후 부담할 가능성이 있는 지급보증 등 우발채무에 대하여 신용환산율로 환산한 금액의 합
총유동성
M3
총통화(M2)에 비통화금융기관의 각종 예수금과 금융기관의 금융채, 양도성예금증서(CD)
매출 그리고 환매조건부채권 등을 포함시킨 가장 넓은 의미의 통화지표로서 전 금융기관의
위해 편제된 이후 참고지표로만 활용되어 오다가 외환위기 이후에는 IMF와의 협의에 따라
총자산이익률
Return on Assets
총자산 대비 당기순이익이 차지하는 비율로서 기업이 주어진 총자산을 수익창출활동에 얼
였는가를 측정하는 지표
총통화
M2
통화(M1)에 포함되는 현금과 요구불예금 뿐만 아니라 정기예금, 정기적금 등 은행의 저축
을 포함한 개념
최종소비지출
Final Consumption
Expenditure
일정기간중의 최종생산물에 대한 민간과 공공부문의 소비지출증가율을 말하는데 과거에
있는 중고품에 대한 지출은 제외
출재보험
Reinsurance Ceded
재보험은 인수하는 회사의 입장에서는 수재보험이 되며 재보험을 인수시키는 회사의 입장
출재보험금
Reinsurance Caims
Recovered
보험사고가 발생하여 재보험계약에 따라 재보험자로부터 받은 보험금
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출재보험료
Ceded Reinsurance
Premium
재보험계약에 따라
재보험자에게 지급한 보험료
출재보험수수료
Reinsurance Commission
Recovered
재보험 계약에 따라 재보험자로부터 받아들인 보험수수료
출하지수
Producer's Shipment Index
광업, 제조업, 전기가스업을 대상으로 일정 기간중의 판매활동수준을 나타내는 지표로서
작성
충당금계정
Allowance Accounts
장래에 지급될 비용의 원인이 당기에 있으며 당해 지출금액을 합리적으로 추정할 수 있을
미리 적립하는 금액
카드론
Card Loan Outstanding
카드사가 카드회원을 대상으로 자체 신용평가에 의해 일정한 한도범위내의 현금을 일정기
콜론
Call Loans
자금중개회사를 통하거나 금융회사간 직접거래에 의하여 원화 및 외화자금을 단기로
대여한 자금
콜머니
Call Money
자금중개회사를 통하거나 금융회사간 직접거래에 의하여 원화 및 외화를 단기로 차입한 자
통안증권
Monetary Stabilization Bonds 통화의 안정을 목적으로 한국은행이 발행하는 증권
통화
M1
민간이 보유하고 있는 현금과 당좌예금, 보통예금 등 통화금융기관 요구불예금의 합계
통화금융기관
Monetary Institution
통화지표 편제를 위해 통화창출기능 여부를 기준으로 통화에 포함되는 금융자산을 창출하
퇴직급여충당금
Allowances for Severance
and Retirement Benefits
회계연도말 현재 전 임직원이 일시에 퇴직할 경우 지급하여야 할 퇴직금에 상당하는 적립
투자상담사
Investment Counselor
증권회사의 임직원중 회사를 위하여 유가증권의 매매나 유가증권시장에서의 매매위탁을
객을 위하여 투자에 관한 상담 등을 하는 자
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,
,
4
투자수지
Financial Account
직접투자, 증권투자, 대출 및 차입, 무역관련 신용, 현금 및 예금 등의 금융거래로 인한 유
투자신탁회사
Investment Trust Company
증권투자신탁과 관련한 업무는 증권투자신탁의 설정, 판매 및 운용의 3가지로 구분할 수
두 영위할 수 있는 회사를 투자신탁회사(증권회사 전환 이전의 한국투자신탁이나 대한투
운용업무만을 영위할 수 있는 회사를 투자신탁운용회사라 함(판매업무는 증권회사에서 담
투자유가증권
Investment Securities
상품유가증권 이외의 유가증권을 말하며, 금융기관의 경우에는 투자유가증권 중 채권은
권으로 구분하여 관리
특별계정
Separate Account
퇴직보험, 변액보험상품과 같은 특정보험상품 관련계정으로서 여타 일반계정과 분리하여
특별유보금
Special Reserve
불특정금전신탁 중 원본 또는 이익의 보전계약이 있는 신탁의 보전을 위하여 적립하는 금
특정금전신탁
Specified Money in Trust
고객이 직접 신탁재산의 운용방법을 구체적으로 지정하는 형태의 신탁상품
특종보험
Casualty Insurance
손해보험중 화재, 해상, 자동차 및 보증보험 등을 제외한 상해보험, 배상책임보험 및 도난
파생상품
Derivative Contracts
파생상품이란
환율이나금리, 주가등의시세변동에따른손실위험을줄이기위해미래일정시점에일정한가격
으로상품이나주식, 채권등을거래하기로하는일종의보험성금융상품으로
선도거래, 선물 옵션 스와프등
크게 가지유형으로나눌수있음
판매비와 관리비
General & Administrative
Expenses
상품과 용역의 판매활동 또는 관리와 유지에 발생하는 제비용으로 주로 인건비(급여 및 제
접대비, 감가상각비, 판매비 등)가 이에 해당
팩토링채권
Outstanding Balance of
Factoring
일반기업이 상거래와 관련하여 취득한 외상매출채권을 금융기관이 기업체로부터 매입하는
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표지어음
Cover Bills
금융회사가 할인 또는 매입하여 보유한 매입어음에 기초하여 불특정다수의 일반인에게 판
하는 어음으로 이자 선지급이 특징
할부금융
Installment Finance
내구소비재, 산업설비, 주택 등의 할부거래시 금융회사가 제조업체와 소비자 사이에 개입
을 일시불로 지급하고 소비자로부터 당해 물품대금을 일정기간 분할하여 받는 금융형태로
이때 상품의 소유권
처음부터 구매자에게 이전하는 것이 아니라 최종납입금과 수수료 등을 완납해야만 이전된
다름
할인어음
Bills Discounted
상업어음을 할인하는 방식으로 대여하는 대출
* 예컨대 90일 만기 어음이라면 액면금액에서 90일간의 이자를 공제하고 대금을 지급
해약환급금
Refunds of Surrenders
보험계약의 해지시 보험계약자에게 지급한 환급금
해외증권
Overseas Securities
국내기업이 해외증권시장에서 외국투자자를 대상으로 발행하는 유가증권
확정지급보증
Acceptances and Guarantees
Outstanding
은행이 기발급한 지급보증서
중에서 주채무가 확정된 지급보증
환급금
Refunds
보험계약의 해약 및 효력상실로 보험계약자에게 지급한 금액
환매
Repurchase
환매조건부채권매매거래시 당초의 계약내용대로 채권을 되사는 행위 또는 고객이 증권회
계약을 해지하는 것을 말함
환매조건부채권
매매
Repurchase Agreement
매매당사자 사이에 채권을 일정기간 경과후에 일정이율에 의한 가격으로 동일 채권을
다시 매수(매도)할 것을 조건으로 하는 채권매매거래
회사채
Corporate Bonds
주식회사가 일반 대중에게 자금을 모집하기 위해 집단적, 대량적으로 발행하는 채권으로
우선하여 이자를 지급받게 되며 기업이 도산하게
되거나 청산할 경우 주주들에 우선하여 기업자산에
가짐
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및
지
효력상실
및 해약율
Ratio of Lapses & Surrenders
보험계약의 요건을 결여하여 보험계약의 효력이 상실되거나 보험계약자의 의사표시에 의
경우로서 연초보유계약
신계약대비당회계년도중 실효 또는 해약되는 계약의 비율
효력상실환급금 Refunds of Lapses
보험계약의 효력상실로 인해 보험계약자에게 지급한 환급금
후순위사채,
후순위차입금
Subordinated Debenture &
Borrowing
회사가 파산하는 경우 당해 후순위차입금 또는 후수위채권 이외의 다른 모든 채무를 우선
경우에 한하여 당해 채무를 상환하는 조건으로 차입한 자금 또는 발행한 사채
CAC 40 주가지수CAC 40 stock index
CAC40 주가지수는 프랑스 증권거래소 협회(SBF)에서 1988년 6월 15일부터 산출, 발표
지수의 기준시점은 1987년 12월 31일을 1000으로 하고 있으며 채용종목은 40종목으로
장된 40개의 우량주식으로 구성되어 있음
CMA운용수익
Interests on CMA
종금사가 자산운용자(Portfolio Manager)로서 고객으로부터 예탁받은 예탁금을 할인어음
공채, 통화안정증권 등 수익성이 높은 금융자산에 투자하여 얻은 운용수익
FT-SE 100 주가
수
FT-SE 100 Stock Index
Financial Times와 런던국제증권거래소(ISE)가 공동으로 1984년 1월부터 산출, 발표하고
던국제증권거래소(ISE)에 상장된 100개의 우량주식으로 구성되어 있음. 동지수는 기준시
을 1000으로 하여 산출되고 있는데, 채택종목은 거래가 활발한 우량주를 산업별로 안배하
KOSPI200 지수
Korea Composite
Stock Price Index 200
선물거래지수 산정 등을 위하여 증권거래소 상장주식 중 우량종목 200종목을 채택하여 산
MCT
MCT
총통화(M2)에 양도성예금증서와 금전신탁을 포함한 개념
S&P 500 주가지수S&P 500 stock index
기업의 시장가치에 가중치를 두는 시가총액식 산출방법으로 1957년에 도입되어 다우지수
S&P500에는 500개 기업이 들어가며 고려대상 기업으로는 기업 크기보다는 앞으로의 성
S&P지수에 들어가는 기업의 20%가량은 '태크주'라 불리는 첨담산업 관련기업임
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국고채 및 회사채수익률, 콜금리
Treasury & Corporate Bond Yields, Call Rate
국고채(Treasury Bonds)
회사채(Corporate Bonds)
콜(Call)
(%)
장단기 금리차(국고채-Call)
Term-Spread of Interest Rates(Treasury Bonds - Call)
장단기 금리차(Term-Spread of Interest Rates)
(%p)
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KDI 경제동향(2007. 1) ｜
79
9-1. 金利
1)
Market Interest Rates
(%, %p)
콜금리
1 day
Call Rate
양도성
예금증서
3 month
CD
기업어음
91 day
CP
국고채
3 year
Treasury
Bonds
회사채
3 year
Corporate
Bonds(AA-)
회사채
3 year
Corporate
Bonds(BBB-)
금리차 Spread
장단기
Spread
2)
신용
Spread
3)
신용
Spread
4)
주: 1) 기말기준임.
2) 국고채 - 콜금리.
3) 회사채(AA-) - 국고채.
4) 회사채(BBB-) - 회사채(AA-).
자료: 금융감독원.
Note: 1) End of period.
2) Treasury Bonds - Call.
3) Corporate Bonds(AA-) - Treasury Bonds.
4) Corporate Bonds(BBB-) - Corporate Bonds(AA-).
Source: Financial Supervisory Service.
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80
주가지수
Stock Price Index
종합주가지수(KOSPI)
코스닥(KOSDAQ)
(KOSPI)
(KOSDAQ)
외국인 순매수
Foreign Investors’ Net Purchase of Stocks
종합주가지수(KOSPI)
코스닥(KOSDAQ)
(조원 / Trillion Won)
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KDI 경제동향(2007. 1) ｜
81
9-2. 株價
Stock Price
(십억원, Billion Won)
주가지수
1)
Stock Price Index
거래대금
2)
Trading Value
외국인 순매수
Foreign Investors' Net Purchase
고객예탁금
1)
Customers'
Deposits at
Securities
Companies
종합주가지수
KOSPI
코스닥
KOSDAQ
종합주가지수
KOSPI
코스닥
KOSDAQ
주: 1) 기말기준임.
2) 코스닥시장은 제외.
자료: 증권선물거래소.
Note: 1) End of period.
2) KOSDAQ market is excluded.
Source: Korea Exchange.
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82
통화지표(평잔)
Monetary Aggregates (Period Average)
광의통화(M2)
협의통화-MMF(M1-MMF)
금융기관유동성(Lf)
(전년동기대비 증가율, % / Year-on-Year % Change)
예금은행 예금 및 대출금(평잔)
Deposits and Loans at Commercial & Specialized Banks(Period Average)
예금은행예금(Deposits)
예금은행대출금(Loans)
(전년동기대비 증가율, % / Year-on-Year % Change)
________________________________________
Page 6
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83
9-3. 通貨量
1)
Monetary Aggregates
(조원, Trillion Won)
본원통화
Reserve Money
금융기관유동성(Lf)
광의통화(M2)
Liquidity Aggregate
of Financial
Institutions
협의통화(M1)
2)
Broad Money
Narrow Money
MMF 제외
3)
M1 less MMF
전년동기대비 증가율(%)
Percentage Change from the Same Period of the Previous Year
주: 1) 평잔기준임.
2) 2005년 11월부터는 법인 MMF가 제외된 M1임.
3) 법인 및 개인 MMF 전체가 제외된 M1임.
자료: 한국은행.
Note: 1) Period average.
2) Corporate MMF is excluded from Nov. 2005.
3) Both corporate MMF and individual MMF are excluded.
Source: Bank of Korea.
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84
은행 및 투신사 수신
Deposits at Banks & Asset Management Companies
은행(Banks)
투신사(Asset Management Companies)
(월중 증감액, 조원 / Changes during the Month, Trillion Won)
은행 및 투신사 수신
Deposits at Banks & Asset Management Companies
은행(Banks)
투신사(Asset Management Companies)
(전년동기대비 증가율, % / Year-on-Year % Change)
________________________________________
Page 8
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85
9-4. 金融機關 受信
1)
Deposits at Financial Institutions
(십억원, Billion Won)
은행
금전신탁
Money
in Trust
종금사
Merchant Banking
Corporations
Banks
저축성예금
CD, RP, 표지어음
CD, RP, Cover Bill
Time & Savings
Deposits
정기예금
Time Deposits
투신사
증권사
2)
Securities
Companies
Asset
Management
Companies
MMF
Money Market
Funds
채권형상품
Bond Type
주식형상품
Stock Type
혼합형상품
Mixed Type
주: 1) 기간 중 증감액임.
2) 고객예탁금임.
자료: 한국은행.
Note: 1) Based on changes during the period.
2) Customers' deposits.
Source: Bank of Korea.
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86
은행의 기업대출
Bank Loans to Corporations
대기업(Large Corporations)
중소기업(SMEs)
(월중 증감액, 조원 / Changes during the Month, Trillion Won)
부문별 은행대출
Bank Loans by Sector
대기업(Large Corporations)
중소기업(SMEs)
가계(Households)
(전년동기대비 증가율, % / Year-on-Year % Change)
________________________________________
Page 10
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87
9-5. 金融機關 與信 및 資産運用
1)
Loans and Asset Management of Financial Institutions
(십억원, Billion Won)
은행대출 Loans of Banks
CP순발행
Net Issuance
of CP
회사채순발행
Net Issuance
of Corporate
Bonds
주식발행
Issuance
of Stocks
대기업
Large
Corporations
중소기업
Small & Medium
Corporations
가 계
Households
주택담보대출
Secured by
Resid. Property
주: 1) 기간 중 증감액임.
자료: 한국은행.
Note: 1) Based on changes during the period.
Source: Bank of Korea.
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88
가계신용
Credit to Households
가계대출(Loans to Households)
판매신용(Merchandise Credit)
(분기중 증감액, 조원 / Changes during the Quarter, Trillion Won)
가계신용
Credit to Households
가계신용(Credit to Households)
가계대출(Loans to Households)
판매신용(Merchandise Credit)
(전년동기대비 증가율, % / Year-on-Year % Change)
________________________________________
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89
9-6. 家計信用
1)
Credit to Households
(십억원, Billion Won)
가계신용
Credit to
Households
가계대출
판매신용
Loans to
Households
예금은행
Banks
비은행 예금
취급기관
Non-Bank
Deposit-taking
Institutions
기타 금융기관
Other
Financial
Institutions
Merchandise
Credit
여신 전문기관
Credit-
specialized
Financial
Institutions
판매회사
Merchandise
Companies
전년동기대비 증가율(%)
Percentage Change from the Same Period of the Previous Year
2002
주: 1) 기간 중 증감액임.
자료: 한국은행.
Note: 1) Based on changes during the period.
Source: Bank of Korea.
Buffett's "time bomb" goes off on Wall Street
Thu Sep 18, 2008 1:42pm EDT
By James B. Kelleher - Analysis
CHICAGO (Reuters) - On Main Street, insurance protects people from the effects of catastrophes.
But on Wall Street, specialized insurance known as a credit default swaps are turning a bad situation into a catastrophe.
When historians write about the current crisis, much of the blame will go to the slump in the housing and mortgage markets, which triggered the losses, layoffs and liquidations sweeping the financial industry.
But credit default swaps -- complex derivatives originally designed to protect banks from deadbeat borrowers -- are adding to the turmoil.
"This was supposedly a way to hedge risk," says Ellen Brown, the author of the book "Web of Debt."
"I'm sure their predictive models were right as far as the risk of the things they were insuring against. But what they didn't factor in was the risk that the sellers of this protection wouldn't pay ... That's what we're seeing now."
Brown is hardly alone in her criticism of the derivatives. Five years ago, billionaire investor Warren Buffett called them a "time bomb" and "financial weapons of mass destruction" and directed the insurance arm of his Berkshire Hathaway Inc to exit the business.
LINKED TO MORTGAGES
Recent events suggest Buffett was right. The collapse of Bear Stearns. The fire sale of Merrill Lynch & Co Inc. The meltdown at American International Group Inc. In each case, credit default swaps played a role in the fall of these financial giants.
The latest victim is insurer AIG, which received an emergency $85 billion loan from the U.S. Federal Reserve late on Tuesday to stave off a bankruptcy.
Over the last three quarters, AIG suffered $18 billion of losses tied to guarantees it wrote on mortgage-linked derivatives.
Its struggles intensified in recent weeks as losses in its own investments led to cuts in its credit ratings. Those cuts triggered clauses in the policies AIG had written that forced it to put up billions of dollars in extra collateral -- billions it did not have and could not raise.
EASY MONEY
When the credit default market began back in the mid-1990s, the transactions were simpler, more transparent affairs. Not all the sellers were insurance companies like AIG -- most were not. But the protection buyer usually knew the protection seller.
As it grew -- according to the industry's trade group, the credit default market grew to $46 trillion by the first half of 2007 from $631 billion in 2000 -- all that changed.
An over-the-counter market grew up and some of the most active players became asset managers, including hedge fund managers, who bought and sold the policies like any other investment.
And in those deals, they sold protection as often as they bought it -- although they rarely set aside the reserves they would need if the obligation ever had to be paid.
In one notorious case, a small hedge fund agreed to insure UBS AG, the Swiss banking giant, from losses related to defaults on $1.3 billion of subprime mortgages for an annual premium of about $2 million.
The trouble was, the hedge fund set up a subsidiary to stand behind the guarantee -- and capitalized it with just $4.6 million. As long as the loans performed, the fund made a killing, raking in an annualized return of nearly 44 percent.
But in the summer of 2007, as home owners began to default, things got ugly. UBS demanded the hedge fund put up additional collateral. The fund balked. UBS sued.
The dispute is hardly unique. Both Wachovia Corp and Citigroup Inc are involved in similar litigation with firms that promised to step up and act like insurers -- but were not actually insurers.
"Insurance companies have armies of actuaries and deep pools of policyholders and the financial wherewithal to pay claims," says Mike Barry, a spokesman at the Insurance Information Institute.
"SLOPPY"
Another problem: As hedge funds and others bought and sold these protection policies, they did not always get prior written consent from the people they were supposed to be insuring. Patrick Parkinson, the deputy director of the Fed's research and statistic arm, calls the practice "sloppy."
As a result, some protection buyers had trouble figuring out who was standing behind the insurance they bought. And it put investors into webs of relationships they did not understand.
"This is the derivative nightmare that everyone has been warning about," says Peter Schiff, the president of Euro Pacific Capital at the author of "Crash Proof: How to Profit From the Coming Economic Collapse."
"They booked all these derivatives assuming bad things would never happen. It was like writing fire insurance, assuming no one is ever going to have a fire, onl y now they're turning around and watching as the whole town burns down."
UPDATE 4-S.Korea's KDB sells $2 bln bond, shows market thaw
Fri Jan 16, 2009 7:47pm GMT
(Updates with final pricing and comment, new headline)
By Rafael Nam and Yoo Choonsik
HONG KONG/SEOUL, Jan 16 (Reuters) - Korea Development Bank sold $2 billion in five-year bonds offshore on Friday, the second major sale from the Asian country this week in a further sign that the global debt market may be starting to thaw.
The deal size was double early indications.
State-run KDB sold the bonds at a price of 99.145 with a coupon of 8 percent. The discounted price brought a yield of 8.212 percent, a source at one of the lead managers in New York said.
The debt was sold at a spread of 675 basis points over corresponding U.S. Treasuries, the lower end of the price guidance range of 670-700 basis points. This pricing was similar to a deal done on Monday by Export-Import Bank (KEXIM), which sold $2 billion in five-year bonds at 677.7 bps.
Strong investor response to the issues suggests credit markets may be reopening again after slamming shut late last year as the global financial crisis deepened.
"Korea is in a situation where its exports have rapidly declined... so there are quite likely to be bigger funding requirements than we currently foresee," said Jeremy Brewin, a fixed income fund manager at Aviva Investors.
"If the markets hold reasonably well and spreads don't widen and the global situation doesn't weaken significantly from where we think it is I'd imagine it would be in the second half of the year or possible an issue per quarter maybe even retapping these," he added.
The Korean bond deals are the first by banks from an emerging economy since the collapse of investment bank Lehman Brothers last September.
Ahead of the final sale, KDB's price guidance to investors showed sellers must offer significant premiums to get deals done, reflecting a higher level of risk. Just a year ago, KDB sold $1 billion in five-year bonds at 218 bps over Treasuries.
"Prices aside, the deals are significant in that they have reopened the global markets finally," said Shin Je-yoon, a deputy finance minister in Seoul.
KEXIM officials told reporters in Seoul on Thursday the firm had doubled the size of its bond sale because of strong demand. The deal attracted $4.4 billion in orders.
Investment bank ING's economist Tim Condon expected global credit market conditions to keep improving.
"The question now is whether the ongoing recovery of risk appetites outweighs new bond supply and credit spreads tighten from here. My experience leads me to expect that they will."
But some analysts fear the window of opportunity to raise funds could quickly close.
Global markets showed signs of stabilising in December, but investors' nerves have been jangled again in the past week by fears of fresh losses at major banks and a worsening outlook for credit ratings.
U.S. officials said on Friday that Bank of America Corp (BAC.N: Quote, Profile, Research) will get a $20 billion infusion of government funds and a protection from possible losses on $118 billion of assets to cushion the blow from a deteriorating balance sheet at Merrill Lynch & Co, its recently acquired brokerage.
A drop in investor confidence in the aftermath of Lehman's collapse had forced South Korea to put on hold indefinitely a plan to sell around $1 billion in sovereign bonds.
Shin said it was premature to say when the country will resume marketing the delayed deal. However, just this month, the Philippines, Colombia, Turkey and Brazil have all sold sovereign bonds.
SOUTH KOREANS TAKING THE LEAD
Also on Friday, KDB sold S$300 million ($201.5 million) in one-year bonds bearing a coupon rate of 5.68 percent and a yield of 6.2 percent via lead manager DBS, a source with direct knowledge of the deal said.
South Korean state-owned lenders are taking the lead in securing external funding because commercial banks are struggling to raise dollars since the global financial crisis pummeled the domestic won currency
Commercial lenders have also seen their debt spreads surge, making it more costly for them to tap overseas markets.
Moody's Investors Service warned on Thursday it may cut foreign currency debt ratings on 10 South Korean lenders standing above the country's sovereign rating, saying it was inappropriate as they rely on the government to secure external funding.
That had little impact on KDB's decision to sell bonds given that Moody's also noted it was unlikely to lower any bank below South Korea's current "A2" rating. The credit ratings agency rates KDB at "Aa3", or two notches higher.
Moody's is the only one of the three major credit ratings agencies to rate KDB above South Korea's sovereign rating. Standard & Poor's has an "A" rating on it and Fitch has an "A+" rating, both in line with their respective sovereign ratings.
South Korea has established a $100 billion programme to back foreign currency debt, but that guarantee only runs for three years for borrowings secured by the end of June and imposes a fee of 100 basis points for issuers.
Just like KEXIM, KDB opted against seeking the guarantee, which bankers have noted could lower the premiums being paid by issuers, but which carries a fee and limits debt issuances to three-year maturities.
KDB's sale is being arranged by BNP Paribas, Deutsche Bank, HSBC, Merrill Lynch and Royal Bank of Scotland. ($1=1.489 Singapore Dollar) (Additional reporting by Saeed Azhar in SINGAPORE; Daniel Bases in NEW YORK; and Kylie MacLellan in LONDON; Editing by Diane Craft)
New Issue-Korea Dev Bank sells $2 bln 5-yr global notes
Fri Jan 16, 2009 4:08pm GMT
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Jan 16 (Reuters) - State-owned Korea Development Bank on
Friday sold $2.0 billion in five-year global notes, said IFR, a
Thomson Reuters service.
The size of the deal was increased to $2 billion from an
originally planned $1 billion.
BNP Paribas, Deutsche Bank, HSBC, Merrill Lynch, and RBS
Greenwich Capital were the joint bookrunning managers for the
sale.
BORROWER: KOREA DEVELOPMENT BANK
AMT $2.0 BLN COUPON 8.00 PCT MATURITY 1/23/2014
TYPE GLOBAL NTS ISS PRICE 99.145 FIRST PAY 7/23/2009
MOODY'S Aa3 YIELD 8.212 PCT SETTLEMENT 1/23/2009
S&P SINGLE-A SPREAD 675 BPS/ PAY FREQ SEMI-ANNUAL
FITCH A-PLUS MORE THAN TREAS NON-CALLABLE*
*COC PUT AT 100
S.Korea's KDB to sell $1 bln bond, shows market thaw
• Reuters, Friday January 16 2009
(Updates with KDB's S$300 mln 1-yr debt sale in Singapore)
By Rafael Nam and Yoo Choonsik
HONG KONG/SEOUL, Jan 16 (Reuters) - Korea Development Bank plans to sell $1 billion in bonds offshore on Friday, sources said, the second major sale from the Asian country this week in a further sign that the global debt market may be starting to thaw.
State-run KDB aims to sell five-year bonds at 670-700 basis points over U.S. Treasuries, sources said, similar pricing to a deal on Monday by Export-Import Bank (KEXIM), which sold $2 billion in five-year bonds at 677.7 bps.
Strong investor response to the issues suggests credit markets may be reopening again after slamming shut late last year as the global financial crisis deepened.
The Korean bond deals are the first by banks from an emerging economy since the collapse of investment bank Lehman Brothers last September.
Still, KDB's price guidance to investors shows sellers must offer significant premiums to get deals done, reflecting a higher level of risk. Just a year ago, KDB raised $1 billion in five-year bonds at 218 bps over Treasuries.
"Prices aside, the deals are significant in that they have reopened the global markets finally," said Shin Je-yoon, a deputy finance minister in Seoul.
KEXIM officials told reporters in Seoul on Thursday the firm had doubled the size of its bond sale because of strong demand. The deal attracted $4.4 billion in orders.
Investment bank ING's economist Tim Condon expected global credit market conditions to keep improving.
"The question now is whether the ongoing recovery of risk appetites outweighs new bond supply and credit spreads tighten from here. My experience leads me to expect that they will."
But some analysts fear the window of opportunity to raise funds could quickly close.
Global markets showed signs of stabilising in December, but investors' nerves have been jangled again in the past week by fears of fresh losses at major banks and a worsening outlook for credit ratings.
U.S. officials said on Friday that Bank of America Corp will get a $20 billion infusion of government funds and a guarantee for almost $100 billion of potential losses on toxic assets to cushion the blow from a deteriorating balance sheet at Merrill Lynch & Co, its recently acquired brokerage.
A plunge in investor confidence in the aftermath of Lehman's collapse had forced South Korea to put on hold indefinitely a plan to sell around $1 billion in sovereign bonds.
Shin said it was premature to say when the country will resume marketing the delayed deal. However, just this month, the Philippines, Colombia, Turkey and Brazil have all sold sovereign bonds.
SOUTH KOREANS TAKING THE LEAD
Also on Friday, KDB sold S$300 million ($201.5 million) in one-year bonds bearing a coupon rate of 5.68 percent and a yield of 6.2 percent via lead manager DBS, a source with direct knowledge of the deal said.
South Korean state-owned lenders are taking the lead in securing external funding because commercial banks are struggling to raise dollars since the global financial crisis pummelled the domestic won currency.
Commercial lenders have also seen their debt spreads surge, making it more costly for them to tap overseas markets.
Moody's Investors Service warned on Thursday it may cut foreign currency debt ratings on 10 South Korean lenders standing above the country's sovereign rating, saying it was inappropriate as they rely on the government to secure external funding.
That had little impact on KDB's decision to sell bonds given that Moody's also noted it was unlikely to lower any bank below South Korea's current A2 rating. The credit ratings agency rates KDB at Aa3, or two notches higher.
Moody's is the only one of the three major credit ratings agencies to rate KDB above South Korea's sovereign rating. Standard & Poor's has an A rating on it and Fitch has an A-plus rating, both in line with their respective sovereign ratings.
South Korea has established a $100 billion programme to back foreign currency debt, but that guarantee only runs for three years for borrowings secured by the end of June and imposes a fee of 100 basis points for issuers.
Just like KEXIM, KDB opted against seeking the guarantee, which bankers have noted could lower the premiums being paid by issuers, but which carries a fee and limits debt issuances to three-year maturities.
KDB's sale is being arranged by BNP Paribas, Deutsche Bank, HSBC, Merrill Lynch and Royal Bank of Scotland. ($1=1.489 Singapore Dollar) (Additional reporting by Saeed Azhar in SINGAPORE; Editing by Kim Coghill)
S.Korea's KDB launches $2 bln five-year note
Fri Jan 16, 2009 7:48pm IST
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NEW YORK, Jan 16 (Reuters) - Korea Development Bank launched for sale a $2 billion five-year note at 675 basis points over benchmark U.S. Treasuries, a market source familiar with the details of the deal said on Friday.
State-run KDB launched the deal at the lower end of the 670-700 basis points price guidance.
The offering is the second out of the Asian country in a week, giving further signs that the global debt market is starting to thaw from the credit freeze of late last year.
Pricing of the KDB deal is similar to Monday's transaction for the Export-Import Bank of Korea (KEXIM), which sold $2 billion worth of five-year debt at 677.7 basis points over U.S. Treasuries.
Lead managers of Friday's deal are BNP Paribas, Deutsche Bank, HSBC, Merrill Lynch and RBS. (Reporting by Daniel Bases; Editing by Tom Hals)
Emerging debt-Asian spreads narrow; KDB selling dollar bonds
HONG KONG, Jan 16 - Asian bond spreads narrowed on Friday on hopes that the United States would dole out more funds to aid its ailing banks, but premiums for South Korea's debt widened after Moody's warned it would cut ratings on 10 lenders.
Korea Development Bank (KDB) issued guidance on the pricing of a benchmark five-year bond sale at 675-700 basis points over U.S. Treasuries on Friday. The lender, which was included in Moody's list, aims to raise at least $1 billion.
KDB's 5.3 percent bonds maturing in 2013 were bid at 630 basis points over Treasuries.
Elsewhere, Asian bond spreads halted three straight days of widening, encouraged by the U.S. lawmakers efforts to expand an economic stimulus package and hasten the release of bailout funds for distressed banks.
The U.S. Treasury announced support for the Bank of America, saying it would protect it from possible losses on $118 billion in assets.
Asian stocks also rebounded on Friday, tracking Wall Street's gains overnight.
"It's a good day for risky assets today," said Tim Condon, chief economist at ING Financial Markets in Singapore. "U.S. stocks eked out gains and that set the tone for Asia today."
The Asia iTraxx investment-grade index excluding Japan, a key measure of risk aversion, tightened 5 basis points to 320, a Hong Kong-based trader said.
The index, which measures 50 high-credit bond spreads in Asia, has widened by as much 53 basis points in the previous three sessions.
But overall sentiment remained cautious as investors expect more grim data from the U.S. next week, Condon said.
The U.S. economy is facing the risks of a prolonged recession and deflation as mounting job losses hit consumer spending, latest data showed.
South Korea's credit default swaps (CDS) -- or insurance-like contracts that protect investors against defaults or retructuring -- widened 5 basis points to 340.
The Bank of Korea would continue to provide lenders with cash to ease the credit crunch, and reiterated a pledge to steer its interest rate policy to spur the economy.
Moody's Investors Service warned on Thursday it may downgrade South Korean banks whose foreign currency debt ratings are above the country's sovereign rating, saying the higher ratings were inappropriate as they rely on the government to secure external funding.
Still, analysts said the action would not have a broad impact, and it had little impact on KDB's decision to sell bonds. Moody's also noted it was unlikely to lower any bank below South Korea's current A2 rating. The credit ratings agency rates KDB at Aa3, or two notches higher.
Moody's is also the only of the three major credit ratings agencies to rate KDB above South Korea's sovereign rating. Standard & Poor's has an A rating and Fitch has an A-plus rating, both in line with their respective sovereign ratings. FIVE-YEAR CREDIT DEFAULT SWAPS
Bid/Ask spread
Current Week ago Korea Dev Bank 363.66 328.25* Hutchison 290/~ ~/285 PCCW-HKT 450* 425* China 185/~ ~/180 Indonesia 600/~ 530/~ Korea 305/345 255/~ Malaysia 215/245 190/215 Philippines 325/ 330/360 ~ no bid or ask spread *mid-spread For CDS prices double click on
ASIAN BENCHMARK DOLLAR BONDS
Coupon Maturity Bid price Bid spread
5-YEAR
------
DBS Bank 7.13 15-May-11 103.79 397
Malaysia 7.50 15-Jul-11 109.53 209
ICICI Bank 5.75 12-Jan-12 85.25 104
Petronas 7.00 22-May-12 105.36 393
Hutchison 6.50 13-Feb-13 103.39 416
Chartered Semi 6.25 4-Apr-13 76.96 122
Korea 4.25 1-Jun-13 100.03 284
United Overseas 4.50 2-Jul-13 93.00 493
PCCW-HKT 6.00 15-Jul-13 101.18 433
China 4.75 29-Oct-13 104.10 241
10-YEAR
-------
Hutchison 7.45 24-Nov-33 93.38 584
Korea 4.88 22-Sep-14 99.57 274
PCCW-HKT 5.25 20-Jul-15 73.91 874
Woori Bank 6.13 3-May-16 74.39 925
Penerbangan 5.63 15-Mar-16 104.20 270
Philippines 8.75 7-Oct-16 105.00 564
Indonesia 6.88 9-Mar-17 79.00 860
ICICI Bank 6.38 30-Apr-22 58.00 999
Petronas 7.88 22-May-22 112.19 427
Moody's considers possible ratings downgrade of 10 S. Korean banks
SEOUL, Jan 16, 2009 (Asia Pulse Data Source via COMTEX) -- HNVTF | Quote | Chart | News | PowerRating -- Moody's Investors Service said Thursday that it is reviewing a possible ratings downgrade of 10 South Korean banks to reflect concerns related to foreign currency obligations. The banks being reviewed are Citibank Korea Inc., Export-Import Bank of Korea, Hana Bank, Kookmin Bank, Korea Development Bank, Industrial Bank of Korea, Shinhan Bank, Woori Bank, Woori Financial Holdings and a lender operated by the National Agriculture Cooperative Federation, it said.
Moody's said the review will consider the appropriateness of banks' foreign currency debt ratings vis-a-vis their reliance on government support to secure external funding.
It pointed out that since the lenders were becoming dependent on the government it would be appropriate to adjust their ratings to reflect this development.
The financial service provider also said it would examine the banks' system-wide access to foreign currency such as swap agreements and direct issuances.
South Korean banks in the past had borrowed from abroad to meet local loan requirements, but the recent international financial crunch has hurt their ability to generate fresh funds by issuing bonds.
Moody's, meanwhile, added that even if the ratings of the banks were lowered they would not fall below the government's foreign currency bond rating, which is currently at A2 with a stable outlook.
It stressed that the review does not reflect a change in Moody's outlook for South Korea's sovereign rating and ceiling on debt and deposits.
KEXIM, KDB bond sales could spur more S.Korea bank debt
Mon Jan 12, 2009 12:16pm GMT
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By Kim Yeon-hee and Umesh Desai
SEOUL/HONG KONG (Reuters) - Export-Import Bank of Korea (KEXIM) and Korea Development Bank (KDB) could together raise as much as $2 billion from bond sales this month to become the first Asian lenders to tap global capital markets this year.
Their moves, following Philippines' $1.5 billion sovereign bond sale last week, may become a litmus test for other South Korean banks and should create a benchmark for them, while providing fresh clues on whether the global liquidity squeeze is finally easing.
South Korean lenders, led by Kookmin (105560.KS) and Shinhan (055550.KS), have struggled to raise dollars since the global financial crisis pummelled the won and crippled the sector which is highly dependant on wholesale funding for finances.
"It is right for government banks to go first to test investor reaction and demand to South Korean debt, and create a benchmark," an official of a top South Korean bank's capital market team.
While KEXIM is planning to sell a benchmark-sized, 5-year dollar bond as early as this week, KDB is expected to float 3-year debt later this month. Finance Minister Kang Man-soo said earlier this month both banks would launch a $1 billion deal each, although the deal sizes are yet to be decided.
KDB and KEXIM declined to confirm.
"There is a lot of pressure for Korean institutions to issue because they have been funding in dollars and they have been relying on wholesale capital markets," said Devendran Mahendran, a credit analyst with HSBC.
According to a Standard Chartered Bank report, the foreign currency component in the funding structure of Korean banks has increased to 11.3 percent in mid-2008 from 9.1 percent in 2004, while the deposit proportion has fallen to 59.1 percent from 70.3 percent in the same time.
South Korea has grappled with dollar shortages since last year when there was a scramble to replace the huge amounts of short-term foreign debt that global banks were withdrawing.
While the strains have eased, some market watchers are concerned that liquidity shortages could re-emerge and that the economic situation may worsen -- both factors that could lead investors to demand higher premiums from the issuers.
"The focus would be the impact on the real economy from the global slowdown and also the local liquidity tightness that is still there," said Narumol Charnchanavivat, credit analyst with Standard Chartered Bank.
LOTS OF INVESTOR CASH ON THE SIDELINES
Market sources say KEXIM's 5-year deal is likely to be priced at around 600-650 basis points over mid-swaps but the bank has not yet provided official guidance.
KEXIM's 5-year credit default swaps -- insurance-like contracts that protect against defaults and restructuring -- are trading at around 310 basis points (bps) and its bonds maturing in 2014, an inactive bond, last traded at around 620 bps over mid-swaps.
"They definitely have to come out with a premium of 30-50 bps or slightly more," said Rachana Mehta, head of fixed income at KE Capital Partners referring to the excess yield over those on the existing bonds the two banks would have to pay.
But she said the issue would receive a good response.
"People are sitting on a lot of money and with rates being so low across the globe, the response will be good."
Massive government spending plans and aggressive central bank interest rate cuts have raised hopes liquidity will abundant, bringing Asian credit spreads to the narrowest in almost four months.
And success for KEXIM and KDB would see others follow quickly.
Major South Korean banks, including Kookmin, Woori and Hana, said they were holding off setting 2009 funding plans until KDB and KEXIM completed the first tranches of issues.
"We are looking closely at KDB and KEXIM's sales," a Hana Bank official said. "If they are oversubscribed, we expect it to provide a good momentum to us."
(Editing by Kim Coghill)
S.Korea won posts biggest gain in over 10 yrs
09.08.08, 4:08 AM ET
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SEOUL, Sept 8 (Reuters) - The South Korean won enjoyed its biggest daily gain in over ten years against the dollar on Monday as local shares surged and the authorities were seen selling dollars to prop up the local currency.
Exporters chased the won for settlements and market players reduced dollar holdings as worries about possible financial crises at home and abroad eased.
The local currency is expected to gain further on lingering caution over dollar selling intervention by the country's foreign exchange authorities, especially ahead of a planned $1 billion sovereign bond sale, analysts said.
'The won is likely to strengthen to 1,060 (per dollar) in the near term as investors are relieved, although the unit's medium and long-term outlook is still bearish,' said Lee Tark-koo, a currency analyst at KB Futures Co Ltd.
'The authorities are expected to carry out strong intervention this week as any falls in the won are likely to rekindle crisis fears and to dampen sovereign bond sales,' he added.
The country is seeking to sell a much anticipated sovereign bond of around $1 billion this week, in what will be a key test of overseas confidence in Asia's fourth-largest economy.
The South Korean currency was quoted at 1,080.8/1.4 per dollar as of 0600 GMT, 3.4 percent higher than Friday's domestic close of 1,117.8 .
The daily gain was the biggest since March 23, 1998.
Earlier, the head of South Korea's top financial regulatory agency dismissed talk that local markets could face a crisis due to massive capital flight. [ID:nSEO195098].
The U.S. government's move to take control of troubled mortgage lenders Fannie Mae (nyse: FNM - news - people ) and Freddie Mac (nyse: FRE - news - people ) also eased concerns over South Korea's financial sector.
'We think GSEs (Fannie Mae/Freddie Mac) development will help reduce market concerns about the BOK's FX reserves, given that the U.S. government will stand firmly behind both GSE senior and subordinated debt, as well as GSE MBS,' Lehman Brothers (nyse: LEH - news - people ) said in a research note.
It also said the U.S. government's move would increase the likelihood of the successful rollover of some $7 billion in local bonds held by foreign investors falling due in September.
Seoul shares <.KS11> ended up 5.15 percent, their biggest gain in a year, as foreign investors bought a net 8 billion won worth of stocks in the country's main exchange.
0600 GMT 0322 GMT prev close
Won 1,080.8/1.4 1,089.1/9.8 1,117.8
Yen/won 9.9475/49 10.0083/14 10.4879/37
KOSPI <.KS11> 1,476.65 1,466.16 1,404.38
(Editing by Jonathan Hopfner)
((jongwoo.cheon@thomsonreuters.com; +82 2 3704 5665; Reuters
Messaging;jongwoo.cheon.reuters.com@reuters.net))
South Korean won pares gains on importer deals
Fri Dec 26, 2008 12:04pm IST
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(Updates to close of domestic trade)
SEOUL, Dec 26 (Reuters) - The won gave up most of its early
2.5 percent rise against the dollar by the close of local trade
on Friday as importers kept selling the local currency to secure
dollars while South Korean authorities stayed away.
The won
dollar on speculation that South Korean authorities would likely
carry out dollar-selling intervention to help the battered local
currency end the year as high as possible.
Dealers have reported local authorities selling dollars over
the past several trading sessions to lift the won and lessen the
impact on local companies from the currency's sharp depreciation
so far this year.
The won
Wednesday's domestic close
the gains to end the local session at 1,298.9/0.2.
"Importers continued to buy dollars to settle their bills as
the year's end draws close," said a foreign bank dealer.
The won lost 0.7 percent on the week.
The South Korean currency was briefly lifted by dollar sales
by a local unit of Citigroup (C.N: Quote, Profile, Research) in relation to a planned
capital increase with money coming from its parent company, but
the effect quickly faded. [ID:nSEL000414]
The won has lost more than a quarter of its value against the
dollar so far this year and dealers say the local authorities
would likely try to boost the currency by the end of the year,
when companies close their books.
The Seoul stock market's benchmark KOSPI .KS11 ended the
day 0.9 percent lower, as foreign investors sold a net 53 billion
won in local shares.
0600 GMT 0330 GMT prev close
Won
Yen/won
KOSPI .KS11 1,117.86 1,123.94 1,128.51
(Reporting by Yoo Choonsik; Editing by Jonathan Hopfner)
S.Korean won in biggest 1-day gain in 10-½ yrs
Mon Oct 13, 2008 12:59pm IST
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(Updates to domestic close)
By Cheon Jong-woo
SEOUL, Oct 13 (Reuters) - The South Korean won posted its
biggest one-day percentage gain in 10-½ years against the
dollar on Monday as steps to solve the financial crisis by global
governments and central banks bolstered local stocks.
The won
Minister Kang Man-soo that the country's foreign exchange
reserves and the sound fundamentals of its banks and companies
would enable it to weather the credit crunch. [ID:nN12404989]
Investors remained wary of the foreign exchange authorities'
measures to stabilise the currency markets and some traders said
they were seen selling dollars, prompting exporters to buy the
unit for settlements.
The local currency was expected to remain strong in the near
term, supported also after Euopean governments and the United
States rushed out plans to rescue banks and stem the panic
gripping investors, analysts said.
Still, its firm trend was unlikely to last long as investors
stayed cautious over the global credit crunch, they added.
"The won is likely to retain a firm tone in the short term,
with the currency seen strengthening past the 1,200 (per dollar)
level as South Korea's foreign exchange authorities kept saying
they would provide dollars and on coordinated moves by many
countries to solve the global financial crisis," said Lim Ji-won,
an economist at JPMorgan Chase.
"But foreign currency funding is likely to be tight until
early December and a rebound in the won is not expected to last
long."
The South Korean currency was quoted at 1,238.9/2.0 per
dollar as of 0600 GMT, 5.7 percent higher than Friday's domestic
close
The rise was the biggest since a 6.0 percent advance on March
23, 1998, Reuters data shows, when the country was just about to
begin emerging from the Asian financial crisis.
On Sunday, countries from Europe to Australia rushed out
plans to shore up their banks, trying to halt a markets crash
with pledges to back lending, buy stakes in financial
institutions and take other emergency steps. [ID:nLC713950]
That helped South Korean shares .KS11 end up 3.79 percent.
However, foreign investors dumped a net 534.7 billion won
worth of shares in the country's main exchange after unloading a
combined net 1.42 trillion won during the previous eight
consecutive sessions.
"Foreigners kept selling stocks despite coordinated measures,
indicating that many investors do not have confidence in the
effect of the steps yet," said an analyst at a local futures
firm.
South Korea's government took additional measures to curb
falls in the won.
The authorities had encouraged local investment trust firms
to buy dollars off the market to limit the impact of their dollar
demand on the won, a foreign exchange official said.
Their dollar demand, to hedge currency risks on overseas
investments, had helped to push down the local currency amid the
recent turmoil in global stock markets.
On Sunday, Korea Customs Service said it planned to crack
down on illegal foreign exchange trades to stabilise the currency
markets. South Korean financial regulators have already told
banks to submit records of foreign exchange trades.
Those steps caused dollar spot trade volume to drop to $3.3
billion, a little more than a third of an average daily trading
volume of $9 billion so far this year, according to data from
Seoul Money Brokerage Services Ltd and Korea Money Broker Corp.
0600 GMT 0310 GMT prev close
Won
Yen/won
KOSPI .KS11 1,288.53 1,254.75 1,241.47
(Additional reporting by Lee Kyoung-ho; Editing by Anne Marie
Roantree)
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