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Securities firms' Integrated Investment Accounts (IMA) have grown to roughly KRW 4 trillion, and because the vehicle must allocate part of its assets to corporate finance exposure, borrowers can substitute IMA loans for expensive corporate bond issuance. The transmission is showing up in private lending rather than public credit markets: corporate bond issuance has declined this year and persistent rate volatility has capped IMA's bond purchases, so the primary credit market is getting little added demand support. The read changes only if KRW rate volatility subsides and IMA balances scale further, which would convert the vehicle into a genuine bid for Korean corporate bonds and tighten spreads for lower-rated issuers.
As a Research signal, confirm the link to liquidity, rates, policy timing, and price reaction before drawing a trading conclusion.
Original Source: 연합인포맥스
This page is market information analysis, not investment advice.
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