Rationale
  • Listing of debt securities means that debt securities issued are allowed to be traded on the securities market operated by the Exchange
    Financial Investment Services and Capital Markets Act, Article 390
    Article 390(Listing Regulations) ① An exchange shall prescribe Listing Regulations of Securities for reviewing the securities to be listed and for managing listed securities.
  • Listing of debt securities depends on the self-decision of an issuing corporation.
Advantages of Listing of Debt Securities
  • Improving public confidence in the issuing corporation
    Public confidence in the issuing corporation can be improved by making public the corporation's business management and information on the issuance of debt securities.
  • Use as substitute securities and collateral assets
    Listed debt securities can be used as the (customer) margin for stocks, futures, and options trading and as the performance deposit or security deposit to be paid to the public institution
  • Selected as investment asset by institutional investors
    Institutional investors such as pension funds, insurance companies and asset management companies prefer listed debt securities to other financial products as investment asset for funds
Listing Criteria

Debt securities are listed in accordance with the Listing Regulation of the KOSPI Market. In case of receiving the application of the listing of debt securities, the KRX carries out the listing eligibility review as follow.

Listing Criteria
Classification Domestic Debt Securities Foreign Debt Securities
Issuing corporation Corporation with capital stock at least KRW 500 million. However, this requirement is not applied to guaranteed ·secured corporate bonds, mortgage bonds and asset backed securities
  • The equity capital is worth at least KRW 10 billion without capital impairment
  • Qualification of issuing corporation
    • A corporation that has listed its stocks on overseas exchanges
    • A corporation that has listed its stocks or DRs on KRX markets
    • A corporation that has issued securities through public offering or secondary distribution
However, this requirement is not applied to debt securities issued by international financial institutions, guaranteed·secured bonds, mortgage bonds, and asset-backed securities.
Public offering or secondary distribution The bonds should have been issued through public offering or secondary distribution The bonds should have been issued through public offering or secondary distribution
Total amount issued It should be more than total var value KRW 300 million. In case of secured bonds or mortgage bonds, it should be more than KRW 50 million It should be more than KRW 300 million. In case of secured bonds or mortgage bonds, it should be more than KRW 50 million
Total Par value of unredeemed bonds Total par value of unredeemed bonds should be at least KRW 300 million. In case of secured bonds or mortgage bonds, it should be more than KRW 50 million Total par value of unredeemed bonds should be at least KRW 300 million. In case of secured bonds or mortgage bonds, it should be more than KRW 50 million
Uniform bond certificates The bond certificates concerned should be the uniform certificates specified in the SEA -
Registered bonds It should be the registered ones under the Bond Registration Act(Article 4) or Commercial Act(Article 478, 3) It should be the registered ones under the Bond Registration Act
Credit rating In the case of convertible bonds, only registered bonds can be listed. Credit rating by a credit appraisal agency should be higher than BBB
Etc. Consultation on time and procedures of listing,
Appointing a listing agent
Government bonds, municipal bonds, and specific laws bonds are listed when received listing application without listing examination
However, the listing criteria are applied to the specific laws bonds that require filing of securities registration statement
Content Manager
  • Bond Listing & Disclosure Services 02-3774-8684