[Korea goyounghun financial newspaper reporter Domestic securities are debt ratio is high or aggressive management strategies have emerged the view that vulnerable to interest rate risk.
Nice 29 days, according to the credit rating late 2016 total securities held domestic bonds accounted for about half the size of the total assets to 175 trillion won. Recently securitized derivatives, repurchase agreements and (RP) Sell the bonds was increased in size to be correspondingly enlarged.
Nice Sinpyeong has determined that, given the debt risk exposure amount (Exposure, exposure) with the possibility of expansion in 2017, including further rate hikes in the United States there is increasing interest rates upward pressure on bond trading environment is negative. However, the major brokerage firms are as of November 2016 experienced a rapid rise in interest rates, it was diagnosed as boindago enhanced risk management through debt reduction in size and duration.
Nice Sinpyeong Lee Hyeokjun financial evaluation implementation "simulation market interest rates (government bonds 3-year) 10bp (0.1%) rise when brokers expect the bond rating losses are estimated at 99.1 billion won," he said, "This is equivalent to approximately 4% of pre-tax profit brokerages 2016 , "he explained.
This implementation is "large companies, medium to large, small and medium-sized bereavement evaluation losses 653 billion, respectively, and 100 billion won, 23.8 billion won," said "the end of 2016 chaegwonaek and after hedging duration both in accordance with the September 2016 eolmal compared to shrink debt losses risk is about 30% He fell nearly added, ".
Following chaegwonaek / equity capital exceeds 500%, or if Lee Sangil the duration consistently year after hedging (chaegwonaek / equity except if less than 300%), and if the debt management strategy aggressive is interest rate risk related to securities monitoring is necessary he said.
The end of last year, the company, which will buy a total of seven, including Samsung Securities, a financial investment, Shinyoung Securities, HMC Investment Securities, HI Investment & Securities, SK Securities, securities bureau.
24 Stars debt securities holdings are large-scale pieces bonds of many securitized derivatives issued by large companies. The average bond reserves were capital least three jowon large living 18.3 trillion won, live small and medium of equity 1 to less than 3 jowon medium and large buy 6.5 trillion won capital 1 jowon of pictures of 2.3 trillion won.
This implementation is most securities are interest rate swaps, in order to exact interest rate risk assessment Treasury'm the duration hedge utilize the gifts after the hedge duration even look, but then hedge high quarterly fluctuations in duration levels, and some of the company credibility this decrease was explained that self-selection against the capital debt ratio as the primary criterion.
Features of the six companies magnetic high capital compared to bonds accounted for one case of financial investments, Shinyoung Securities, derivatives securities issued share is higher relatively, Samsung Securities, HMC Investment Securities, HI Investment & Securities, SK Securities was part higher RP percentage .
Also, with debt duration scale it is also a major factor in the average debt duration horses domestic brokerages in 2016 to determine the operational risk bonds is 1.7 years, and then appeared to hedge duration 0.57 years.
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