News / Korea / yonhap_finance
Shinhan Securities: IMA Market Hits 4 Trillion KRW, But Impact on Corporate Bonds Remains Limited
Finance · Investment Banks/Brokers · yonhap_finance · 2026-08-26
005940, 006800, 016360
Shinhan Securities reports that despite the growth of the IMA market to 4 trillion KRW, the benefits to the lower-rated corporate bond market remain minimal due to current investment allocations.
What Happened
IMA Market Growth: The securities industry's Integrated Management Account (IMA) market has grown to over 4 trillion KRW. However, contrary to initial expectations, the influx of funds into the corporate bond market, particularly for lower-rated credits, has been limited.
Asset Allocation Bias: Korea Investment & Securities, which holds a 76.8% market share, invests the vast majority of its assets in loans and beneficiary certificates, with corporate bonds accounting for only 0.9%. While other firms have higher bond allocations, their smaller deposit bases limit their overall market impact.
Market Constraints: Due to a decline in corporate bond issuance and high interest rate volatility, securities firms are likely to prioritize other corporate finance assets over bonds for new IMA funds. Retail investors are also increasingly shifting toward higher-rated, safer debt instruments.
Investment Strategy: Significant improvements in demand for lower-rated corporate bonds are unlikely in the near term. Investors are advised to adopt a conservative approach for A-rated or lower bonds, focusing on interest rate risk management rather than relying on potential IMA fund inflows.