KB Securities maintained its top position in the debt capital market (DCM) for the 12th consecutive year. It recorded more than 18 trillion won in leading underwriting performance, successfully distancing itself from second-place NH Investment & Securities by about 4 trillion won. However, in the general corporate bond market, NH Investment & Securities closely followed first-place KB Securities, demonstrating its strength.
According to KB Securities' self-compiled data based on Bloomberg data on the 30th, KB Securities recorded 18.5681 trillion won in underwriting performance in the domestic bond issuance market this year. Its market share was 21.3%.
This compilation targeted general corporate bonds (SB) and asset-backed securities (ABS), which are bonds issued backed by assets such as real estate. SB was calculated based on the underwriting ratio for each tranche of public corporate bonds, while ABS was calculated using the actual amount of publicly issued asset-backed securities as the underwriting amount. Transactions of bonds such as corporate bonds and project financing bonds, which are conducted through batch reporting, were excluded from the compilation as they are traded more in a broker-centric market rather than with representative underwriters.
KB Securities independently led the issuance of Netmarble's 200 billion won corporate bond and Korea Asset In Trust's 100 billion won corporate bond. It also solely handled the issuance of SK Rent-a-Car's 200 billion won corporate bond. Additionally, when Hanwha Life issued 600 billion won in new capital securities in September, KB Securities was the sole underwriter, and it also represented the underwriter when 500 billion won worth of new capital securities were issued in July. KB Securities also independently underwrote Kiwoom Securities' 300 billion won corporate bond issuance.
Second place went to NH Investment & Securities, which recorded an underwriting performance of 14.6055 trillion won over the year. Its market share was 16.8%, about 4 percentage points lower than first-place KB Securities. It retained its second place from last year. Third place was taken by Korea Investment & Securities, which recorded 11.7231 trillion won (13.5%), while Shinhan Investment & Securities placed fourth with 9.5084 trillion won (10.9%). Fifth place went to SK Securities with an underwriting performance of 7.2417 trillion won and an 8.3% market share.
In the general corporate bond market, KB Securities maintained its lead by underwriting 14.8 trillion won (20.9) worth of issuances. However, in the corporate bond sector, NH Investment & Securities closely pursued with an underwriting performance of 13.9495 trillion won (19.7%). Third place was taken by Korea Investment & Securities (10.1745 trillion won, 14.4%), fourth by Shinhan Investment & Securities (8.1734 trillion won, 11.5%), and fifth by SK Securities (5.4227 trillion won, 7.7%).
The fact that NH Investment & Securities closely pursued first place in the general corporate bond market was influenced by its sole underwriting of the bond issuances for four Real Estate Investment Trusts (REITs) under the Housing and Urban Guarantee Corporation (HUG) at the end of the year. Last month, NH Investment & Securities underwrote the bond issuances for News Stay Hub No. 1, 2, and 3, as well as the private rental hub No. 4 REITs, amounting to a total of 490 billion won. At that time, NH Investment & Securities set its fee at a flat rate of 1 million won, which attracted attention as it was less than the supervisory fees payable to the Financial Supervisory Service. Industry insiders interpreted this as NH Investment & Securities' aggressive marketing strategy ahead of the year-end bond underwriting performance settlement.