Already in the Developed-Market League, Government Seeks to Upgrade South Korean Bonds in Bloomberg Index

Deputy Prime Minister Meets Bloomberg Asia-Pacific Representative, Seeks Developed-Market Reclassification

Vice Prime Minister and Minister of Finance and Economy Lee Hyung-il meets with Bing Li, Bloomberg's Asia-Pacific representative, at the Government Complex Seoul in Jongno-gu, Seoul, on the 28th. Ministry of Finance and Economy.

Following South Korea's inclusion in the World Government Bond Index (WGBI), the government is seeking to have the country upgraded to developed-market status in the Bloomberg Global Aggregate Index. The Bloomberg Global Aggregate Index is considered one of the world's three major bond indexes, alongside the WGBI, operated by FTSE Russell, and JPMorgan's Government Bond Index-Emerging Markets (GBI-EM).

The Ministry of Finance and Economy said on the 28th that Deputy Prime Minister and Minister of Finance and Economy Lee Hyeong-il met with Bing Li, Bloomberg's Asia-Pacific representative, to discuss the proposal.

At the meeting, Lee said, "Given the Korean economy's enhanced international standing, the growth of its government bond market and improved accessibility, the consistency of South Korea's classification as an emerging market in the Bloomberg Global Aggregate Index needs to be reviewed."

Lee emphasized that South Korea is classified as a developed economy by the International Monetary Fund (IMF) and the World Bank, and that market accessibility has improved significantly in recent years. He asked Bloomberg to give continued attention and cooperation to ensure these achievements are fully taken into account in its future review of country classifications.

One of the world's three major global bond indexes, the Bloomberg Global Aggregate Index has classified South Korea as an emerging market since the country was included in 2002.

Lee also stressed the importance of communicating with global investors to ensure that the government's efforts to improve the foreign exchange and capital market systems lead to increased investment. He asked Bloomberg to support communication between the government and the market through various channels, including financial information services and media.

Li agreed on the importance of continued communication and cooperation with the South Korean government, and said Bloomberg would continue working to deepen global investors' understanding of South Korea's financial market and connect the government with the market.

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