South Korea to allow local financial institutions to issue covered bonds

South Korea

The South Korean covered bond market is set to boom as the country looks to pass legislation to allow local financial institutions to issue these instruments.

On June 21, the Financial Services Commission (FSC) released its timetable for implementation. The draft bill of the Covered Bond Act is set to be released in July with final submission to the South Korean parliament set for November 2012. Therefore, local Korean issuance of covered bonds under the legislative framework is likely before

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