올해 은행채 발행액이 지난해보다 40% 가까이 급증한 것으로 나타났다. 기준금리 추가 인상과 시장금리 상승 가능성에 대비해 은행들이 조달 여건이 더 나빠지기 전에 자금 확보에 나선 것으로 풀이된다. 은행채 발행이 단기간에 몰리면서 은행의 조달비용과 대출금리 상승 압력을 키울 수 있다는 우려도 나온다.
According to the Korea Financial Investment Association, as of August 5, the total issuance of bank bonds this year reached 159.19 trillion won, a 38.2% increase from 115.19 trillion won during the same period last year.
The surge in bank bond issuance has been primarily driven by state-owned banks. IBK (Industrial Bank of Korea) has issued 53.77 trillion won in bank bonds this year, an 88% increase from 28.49 trillion won during the same period last year. The increase from IBK alone accounts for about 60% of the total rise in bank bond issuance.
This trend is attributed to the government's push for productive finance, which has increased the demand for policy financing and loan resources. State-owned banks, having weaker deposit bases than commercial banks, are becoming more reliant on bank bond issuance as they expand policy financing.
The five major commercial banks (KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup) have also seen significant increases in bank bond issuance. Their total issuance rose from 18.72 trillion won last year to 37.43 trillion won this year, nearly doubling. This increase is attributed to funds flowing out of bank deposits due to a booming stock market, alongside the need for household and corporate loan resources and the refinancing of maturing bonds.
Market analysts believe that banks are accelerating their bond issuance in anticipation of further interest rate hikes and rising market rates. There is a growing demand to secure necessary funds before borrowing costs increase further.
A representative from a commercial bank stated, "It is becoming difficult to meet funding needs solely through deposits, and with the possibility of higher borrowing costs in the future, banks appear to be proactively issuing bonds."
However, there are concerns that if bank bond issuance becomes concentrated in a short period, it could lead to increased supply burdens. An increase in issuance volume may limit the decline in bank bond rates or exert additional upward pressure. This could raise banks' funding costs, which may be reflected in new loan rates.
Bank bond rates serve as a key benchmark for fixed-rate mortgage loans and personal loans. They can also indirectly affect variable-rate mortgage loans through banks' funding costs.
Loan rates have already been on a steep rise. As of today, the fixed-rate mortgage loan rates at the five major banks range from 4.65% to 7.44% annually. Compared to the end of June, when rates were between 4.37% and 7.37%, the lower end has increased by 0.28 percentage points, and the upper end has risen by 0.07 percentage points in just over a month. Personal loan rates have also surpassed 6% at the upper end, with rates ranging from 4.76% to 6.17% for one-year terms.
A financial sector representative noted, "With the likelihood of further interest rate hikes increasing, if bank bond issuance becomes concentrated, the upward pressure on market rates could intensify. As banks' funding costs rise, this will inevitably be reflected in new loan rates."
According to the Korea Financial Investment Association, as of August 5, the total issuance of bank bonds this year reached 159.19 trillion won, a 38.2% increase from 115.19 trillion won during the same period last year.
The surge in bank bond issuance has been primarily driven by state-owned banks. IBK (Industrial Bank of Korea) has issued 53.77 trillion won in bank bonds this year, an 88% increase from 28.49 trillion won during the same period last year. The increase from IBK alone accounts for about 60% of the total rise in bank bond issuance.
This trend is attributed to the government's push for productive finance, which has increased the demand for policy financing and loan resources. State-owned banks, having weaker deposit bases than commercial banks, are becoming more reliant on bank bond issuance as they expand policy financing.
The five major commercial banks (KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup) have also seen significant increases in bank bond issuance. Their total issuance rose from 18.72 trillion won last year to 37.43 trillion won this year, nearly doubling. This increase is attributed to funds flowing out of bank deposits due to a booming stock market, alongside the need for household and corporate loan resources and the refinancing of maturing bonds.
Market analysts believe that banks are accelerating their bond issuance in anticipation of further interest rate hikes and rising market rates. There is a growing demand to secure necessary funds before borrowing costs increase further.
A representative from a commercial bank stated, "It is becoming difficult to meet funding needs solely through deposits, and with the possibility of higher borrowing costs in the future, banks appear to be proactively issuing bonds."
However, there are concerns that if bank bond issuance becomes concentrated in a short period, it could lead to increased supply burdens. An increase in issuance volume may limit the decline in bank bond rates or exert additional upward pressure. This could raise banks' funding costs, which may be reflected in new loan rates.
Bank bond rates serve as a key benchmark for fixed-rate mortgage loans and personal loans. They can also indirectly affect variable-rate mortgage loans through banks' funding costs.
Loan rates have already been on a steep rise. As of today, the fixed-rate mortgage loan rates at the five major banks range from 4.65% to 7.44% annually. Compared to the end of June, when rates were between 4.37% and 7.37%, the lower end has increased by 0.28 percentage points, and the upper end has risen by 0.07 percentage points in just over a month. Personal loan rates have also surpassed 6% at the upper end, with rates ranging from 4.76% to 6.17% for one-year terms.
A financial sector representative noted, "With the likelihood of further interest rate hikes increasing, if bank bond issuance becomes concentrated, the upward pressure on market rates could intensify. As banks' funding costs rise, this will inevitably be reflected in new loan rates."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.