South Korea plans to issue 222.8 trillion won in bonds by 2027, a near-record scale to support expansionary fiscal policy.

(1) South Korea plans to issue up to 222.8 trillion won (approximately $162.7 billion) in bonds in 2027, with the total scale approaching the record high set this year, in line with President Lee Jae-myung's expansionary fiscal policy agenda. (2) Of the issuance amount, 110.7 trillion won will be used to repay maturing debt, and 15.9 trillion won will be used for buybacks and other market-making operations, so the net bond issuance for next year is estimated to be about 96.3 trillion won. (3) This plan is part of the 2027 budget proposal announced on Tuesday, in which the foreign currency-denominated stabilization bond issuance ceiling is set at $8 billion, and the won-denominated stabilization bond issuance ceiling is set at 13.8 trillion won.