이 기사는 2020년 04월 02일 08:00 thebell 에 표출된 기사입니다.

KB Securities is on its way to securing the first place in South Korean corporate debt underwriting for eight consecutive years, as it has continued to cement its leading position during the first three months of the year.

KB Securities led the bell’s bookrunner corporate debt league tables for the first quarter of 2020. The brokerage firm won 80 mandates totaling a record 8.56 trillion won, taking 25.8 percent market share.

the bell’s data is categorized by three types of bonds – straight bonds (SB), financial bonds (FB) and asset backed securities (ABS). In the first quarter, KB Securities accounted for 3.78 trillion won or 24 percent market share in SB deals, while 3.69 trillion won or 28 percent market share in FB deals, maintaining its strong presence in both categories. It acted as a bookrunner on bond offerings of several major issuers, including SK Hynix, GS Caltex and LG Chem, during this period.

NH Investment & Securities came in second, amassing 6.78 trillion won in 63 deals. There is a more than one trillion won gap between the top two places. But NH Investment’s market share has continued to rise, reaching 21.7 percent in the first quarter of 2020 compared to 20.3 percent during the same period of last year.

Such an increase in market share is attributable to NH Investment’s aggressive move into the FB space where the firm used to put less emphasis due to low profitability. Its ranking in the category moved to second in the first quarter of 2020, up by three spots year-on-year.

Korea Investment & Securities and Mirae Asset Daewoo are competing for the third place, accounting for 4.4 trillion won or 14.1 percent market share and 2.9 trillion won or 9.3 percent market share, respectively. Korea Investment & Securities is slowly extending its lead on Mirae Asset Daewoo over time.

SK Securities, which has a traditional strength in the ABS market, held the fifth place with 2.19 trillion won or 7.7 percent market share. In the ABS category only, SK Securities accounted for 720 billion won or 25.6 percent market share.

Kiwoom Securities is distinguishing itself among mid-sized brokerage firms. It came in seventh in the first quarter of the year, with 1.07 trillion won in 10 deals, after its first ranking in the top 10 in 2018.

Meanwhile, in corporate debt underwriting, KB Securities secured the first spot with a market share of 12.7 percent, followed by NH Investment & Securities, Korea Investment & Securities and SK Securities.

(By reporter Yang Jung-woo)