From virtually nothing two years ago and only a trickle early last year, the South Korean securitization markets - both domestic and international - have taken off at an unprecedented speed.

Figures just released by the Financial Supervisory Service, the local regulator, show that total bond issuance in the first quarter of this year rose 27.3% to W14.19 trillion ($12.8 billion), of which asset-backed securities made up W11.64 trillion, or a remarkable 82.7% of total debt issuance.

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