Article 390(Listing Regulations) ② Listing Regulations shall include matters falling under each of the following subparagraphs:
1. Matters regarding listing standards and listing review of securities
Listing
Examination of Bond Listing_Criteria
Rationale
- Bond listings mean that bonds issued on the Stock Market are allowed to be traded
* Financial Investment Services and Capital Markets Act, Article 390
- Adherent to the voluntary decisions made by the bond issuing company
Advantages of Bond Listings
- Improving public confidence in the issuing firm
Improving public confidence in the issuing firm by making public the company’s operations and information on bond listings. - Used as substitute securities and collateral assets
Used as the consignment guarantee money of stocks, futures, and options trading and as the deposit money and security deposit to be paid to the public institution - Selected to be incorporated as an investment for financial products
Financial institutions like investment trusts, etc. incorporate mostly listed securities as constituents for funds
Listing Criteria
Bonds are listed in accordance with the provisions specified in the Listing Regulation. The KRX lists the bonds whose listing has been requested after careful examination of listing eligibility
| Classification | Initial listing of domestic bonds | Initial listing of foreign bonds |
|---|---|---|
| Issuing corporation | Corporation with capital stock at least KRW 500 million. This requirement is not applied to secured bonds, mortgage bonds and asset backed securities |
|
| Net Worth | - | Net worth more than KRW 10 billion. Capital should not have been impaired as of the end of the latest fiscal year |
| 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 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 | - |
| Denomination of bond certificates | In case of convertible bonds, they should be one denomination (KRW 100,000) | In case of convertible bonds, they should be one denomination (KRW 100,000) |
| Registered bonds | In case of convertible bonds, it should be the registered ones under the Bond Registration Act | It should be the registered ones under the Bond Registration Act |
| Credit rating | - | Credit rating by a credit appraisal agency should be higher than BBB ※ Note : Table of corporate bond rating by domestic credit rating organization |
※ However, the listing criteria are applied to the specific laws bonds that require filing of securities registration statement
- Contents Manager :
- KOSPI Market Division/Bond Listing & DisclosServices/JungMin Suh(02-3774-2235)
※ Data and information on the KRX website are provided for the purpose of improving availability of information for investment, not for trading securities. In spite of the efforts made in ensuring the accuracy of data and information, the KRX recognizes that unintentional and chance errors and delays occur. The KRX is not responsible for any loss resulted from the investments made using the data and information provided on its website.
