Korea's FTSE WGBI inclusion 한국의 FTSE WGBI 편입으로 670억 달러 유치

[김우정]

한국국채가 세계국채지수(WGBI)에 편입되게 되었다는 반가운 소식입니다.

최대 670억달러(90조원)의 해외자금 유입효과와 0.2%~0.6% 금리인하효과가 기대됩니다.

4수만에 성공한 이번 편입으로 채권 수익률을 안정시키고 외환 시장의 수급개선이 예상됩니다.

이번 결정은 1년의 유예기간을 거쳐 내년 11월부터 시행됩니다.

Korea's FTSE WGBI inclusion to attract $67 bil., stabilizing FX market and fiscal planning
한국의 FTSE WGBI 편입으로 670억 달러 유치, 외환시장 및 재정계획 안정

By Lee Kyung-min 이경민 기자
Posted : 2024-10-09 15:53 Updated : 2024-10-09 20:34
Korea Times

Gettyimagesbank 게티이미지뱅크

Market watchers laud gov’t efforts to advance financial infrastructure, tax systems
시장관계자들 금융인프라와 세금시스템을 발전시키려는 정부의 노력 칭찬

Korea will draw an inflow of up to $67 billion (90 trillion won) in offshore investor funds, buoyed by the country’s inclusion in the World Government Bond Index (WGBI) operated by the London-based FTSE Russell, government officials and market watchers said.
한국은 런던에 본사를 둔 FTSE 러셀이 운용하는 세계국채지수(WGBI)에 편입됨에 따라 최대 670억 달러(90조 원)의 해외 투자자자금이 유입될 것이라고 정부 관계자와 시장 관계자들은 말했다.

FTSE Russell announced Wednesday (local time) that Korea will be included in November next year, after a grace period of one year, followed by a phase-in period of another year. The market capitalization-weighted bond index is a global benchmark for the sovereign income market, It consists of the government bond markets of multiple economies.
FTSE 러셀은 수요일(현지 시간) 한국이 1년의 유예 기간을 거쳐 내년 11월에 편입되고 1년이 더 단계적으로 편입될 것이라고 발표했다. 시가총액 가중 채권지수는 여러 경제권의 국채시장으로 구성된 국채 시장의 글로벌 벤치마크이다.

Further advancing the optimism is the increase in foreign investment translating into more stable yields on Korea Treasury Bonds (KTBs) and healthy supply-demand dynamics in the foreign exchange (FX) market. The latter will contribute to fewer attempts at scalping, an investment technique whereby investors buy and sell their positions over a very short period to net small differences quickly.
이러한 낙관론을 더욱 진전시키는 것은 외국인 투자의 증가가 한국 국채(KTB)의 안정적인 수익률과 외환(FX) 시장의 건전한 수급 역학 관계로 이어진다는 점이다. 후자는 투자자들이 매우 짧은 기간 동안 포지션을 사고파는 스캘핑 시도를 줄이고 소액 차액을 빠르게 순화하는 데 기여할 것이다.

Also expanded will be the country’s investor base to include global pension funds, private asset managers, publicly managed funds and international financial entities.
또한 글로벌 연기금, 사모펀드 운용사, 공적 운용 펀드, 국제금융기관 등으로 투자자 기반이 확대될 예정이다.

The KTB issuance will increase, stabilizing bond yields. More long-term foreign investment is expected to reduce the term premium, an additional yield that investors require to hold their positions longer compared to shorter-duration bonds. The lower the figure, the greater the investor confidence in the Korean market.
국채발행이 증가하여 채권 수익률이 안정화될 것이다. 장기 외국인 투자가 증가하면 단기 만기채권에 비해 투자자가 포지션을 더 오래 보유하는 데 필요한 추가 수익률인 기간 프리미엄이 감소할 것으로 예상된다. 수치가 낮을수록 한국 시장에 대한 투자자의 신뢰도가 높아진다.

However, the sensitivity of the local bond market to external conditions will heighten somewhat, due to greater influx of WGBI-tracking funds. The “passive” funds are of longer duration and stable compared to shorter-duration fixed income sources.
그러나 WGBI 추적 자금이 더 많이 유입되기 때문에 외부 상황에 대한 국내 채권 시장의 민감도는 다소 높아질 것이다. '패시브' 펀드는 단기채권 수익원에 비해 듀레이션이 길고 안정적이다.

“We are very happy to say the least,” said Kwak Sang-hyun, director of the Government Bond Policy Division at the Ministry of Economy and Finance.
곽상현 기획재정부 국채정책과장은 "최소한이라도 말할 수 있어 매우 기쁘게 생각한다,"고 말했다.

“Months of anticipation, anxiety and worry were well worth it in hindsight. We are glad that the foreign investors expressed faith and acknowledged our efforts to advance the financial market and revise tax systems to better accommodate the needs of fixed income investors.”
"수개월 동안의 기대와 불안, 걱정은 충분히 지난 일이었다. 외국인 투자자들이 금융 시장을 발전시키고 채권 투자자들의 요구를 더 잘 수용하기 위해 세금 제도를 개정하려는 우리의 노력을 인정하고 믿음을 표명한 것을 기쁘게 생각한다."

The timeframe extending through next year seeks to grant global investors time to prepare, since Korea's weight in the index will reach a heavy 2.22 percent of the total. For context, Canada’s current figure is 1.72 percent, while that of Spain is at 4.06 percent and the U.K at 4.86 percent.
내년까지 연장되는 이 기간은 한국의 지수 비중이 전체의 2.22%에 달할 것이기 때문에 글로벌 투자자들이 대비할 시간을 확보하기 위한 것이다. 참고로 캐나다의 현재 수치는 1.72%이며 스페인은 4.06%, 영국은 4.86%입니다.

Wednesday’s feat followed three previous failed attempts. Korea made the watchlist of FTSE WGBI in September 2022, and has since spearheaded measures to extend FX operating hours, implementing non-taxation for offshore investors. The months of efforts led to an upgrade of Korea's market accessibility rating to level 2, up from 1.
수요일의 업적은 이전에 세 번의 실패에 이은 것이다. 한국은 2022년 9월에 FTSE WGBI의 감시 대상에 올랐으며, 이후 해외 투자자에 대한 비과세를 시행하는 등 외환 운용 시간 연장 조치를 주도해 왔다. 수개월간의 노력으로 한국의 시장 접근성 등급이 1단계에서 2단계로 상향 조정되었다.

“The Korean bond market will see offshore investment of between $2.5 trillion and $3 trillion every quarter starting November next year. The total could be as high as $67 billion,” Kwak said.
"한국 채권시장은 내년 11월부터 매 분기 2조 5,000억 달러에서 3조 달러 사이의 해외투자가 이루어질 것이다. 총 투자액은 670억 달러에 달할 수 있다,"라고 곽 과장은 말했다.

Global investors’ trust in the advancement of Korea's capital market is strong, as validated by the WGBI inclusion, according to Deputy Prime Minister and Finance Minister Choi Sang-mok.
최상목 부총리 겸 기획재정부 장관에 따르면 한국 자본시장의 선진화에 대한 글로벌 투자자들의 신뢰는 WGBI 편입을 통해 확인할 수 있듯이 강력하다.

“It will significantly fortify the government's fiscal planning capabilities and stabilize the FX market in the years to come,” he said during a press conference at the Seoul Government Complex in Gwanghwamun.
그는 이날 광화문 정부 서울청사에서 열린 기자간담회에서 "앞으로 정부의 재정계획 역량을 크게 강화하고 외환시장을 안정시킬 것"이라고 말했다.

“We will continue to maintain close communication with stakeholders to create a healthy feedback loop whereby investor risks are reduced and their convenience is enhanced.”
"우리는 투자자 위험을 줄이고 편의성을 강화하는 건전한 피드백 루프를 만들기 위해 이해관계자들과 긴밀한 소통을 지속할 것이다."

Riad Chowdhury, head of APAC at MarketAxess, a U.S. fixed income trading platform, said the firm was excited about this announcement.
미국 채권거래 플랫폼인 MarketAxess의 APAC 책임자 리아드 차우두리는 이번 발표에 대해 기대가 크다고 말했다.

“Korea is one of the most actively traded bond markets on MarketAxess from our global client base. The WGBI inclusion as well as India's inclusion in the JP Morgan Emerging Market Global Diversified Index (GBI-EM) earlier this year, demonstrate the increasing momentum Asia fixed income is getting from global investors and index providers.”
"한국은 MarketAxess에서 글로벌 고객 기반으로 가장 활발하게 거래되는 채권 시장 중 하나이다. 올해 초 인도가 JP모건 신흥시장 글로벌 다각화 지수(GBI-EM)에 편입된 것은 아시아 채권이 글로벌 투자자와 지수 제공업체로부터 얻는 모멘텀이 증가하고 있음을 보여준다."

According to a Bloomberg survey from Jan. 30 to March 11 of 300 investors with no experience in KTB investment, about 80 percent said that WGBI inclusion will have a positive impact on their investment behavior.
블룸버그가 1월 30일부터 3월 11일까지 KTB 투자 경험이 없는 300명의 투자자를 대상으로 실시한 설문조사에 따르면, 약 80%가 WGBI 편입이 투자 행동에 긍정적인 영향을 미칠 것이라고 답했다.

The ministry expects the issuance total of KTBs next year to stand at 201.3 trillion won, up 27 percent from the previous year. The net issuance adjusted for rollovers will reach 83.7 trillion won, up 68 percent.
기획재정부는 내년 국고채 발행 총액이 전년 대비 27% 증가한 201조 3,000억 원에 달할 것으로 예상하고 있습니다. 롤오버를 위해 조정된 순 발행액은 68% 증가한 83조 7,000억 원에 달할 것으로 예상하고 있다.

#WGBI세계국채지수 #inclusion편입 #foreigninvestment외국인 투자 #bondyields 채권수익률 #KoreaTreasuryBonds(KTBs)한국국채 #foreignexchange(FX)market외환 시장 #fiscalplanning재정계획 #FTSERussellFTSE러셀 #passivefunds패시브펀드 #investorbase투자자기반