South Korea ELB sales beat ELS for the first time

The South Korean market recorded 2,148 ELBs issued worth KRW29.6 trillion (US$22.8 billion) in 2022, up 28.9% year-on-year (YoY). Meanwhile, the total issuance of 12,404 ELS stood at KRW28.1 trillion, down 42.8% YoY, according to the Korea Securities Depository (KSD).     In terms of sales volume, ELBs have trailed behind ELS by between 37% and 75.4% since 2017, when the regulator began to differentiate the two wrappers in its quarterly reports. The gap ranged from 58.6% to 83.5%