The total issuance volume of derivative-linked bonds (DLBs) remained stable in 2022 as derivative-linked securities (DLS) continued to slide, reaching a new low.

According to the Korea Securities Depository (KSD), there were 1,136 DLBs issued with a total volume of KRW13.2 trillion (US$9.5 billion), up 14.8% year-on-year (YoY), representing a similar level to the averaged DLB volume from 2016 to 2021. DLBs continued to outpace ELS which have recorded a sluggish since 2020, reaching KRW3.3 trillion on back of 514 products in 2022 – last year’s activity translated to a further decline from KRW5.5 in 2021, or down 81.3% from the peak last time

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