The issuance amount of derivative-linked bonds (DLBs) has rebounded in South Korea in Q1 23 as new custom underlyings from SG and Nomura were introduced.
There were 346 DLBs issued with a total sales volume of KRW4.1 trillion (US$3.1 billion) in Q1 23, up 168.5% year-on-year (YoY). It also represented a peak on a quarterly basis except in Q4 22 when the volume surged to KRW7.0 trillion, according to the latest report from the Korea Securities Depository (KSD). In the meantime, there was KRW1.1 trillion collected from 99 DLS, up 11.6% YoY, but still at a distance from the level seen prior to the equity market plunge in 2022. In 2021, the averaged
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