FTSE Russell likely to add South Korea to watch list for debt index inclusion -vice minister
FTSE Russell is likely to add South Korea to a watch list in coming weeks for inclusion in its World Government Bond Index, the country's vice finance minister said on Wednesday, heralding a move that could bring huge inflows of foreign funds.
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"We are closely working with FTSE Russell... and we've been receiving positive signs from them," Choi Sang-dae, second vice finance minister in charge of budget and treasury bond markets, said in an interview with Reuters.
"We see a high chance of joining the watch list this September," said Choi, describing the progress South Korea is making toward inclusion in one of FTSE Russell's flagship indexes.
The WGBI comprises of sovereign debt from more than 20 countries as global funds tracking the index is estimated at around $2.5 trillion, with Japan having the biggest weighting in Asia.
The index provider reviews its watch list for possible inclusion every March and September and announces additions every September.
Inclusion in the index could potentially draw inflows of billions of dollars into Korean bonds, and help lower borrowing costs.