South Korea will issue a record-breaking 232 trillion Korean won in bonds in 2026.

South Korea is set to issue a record 232 trillion Korean won in bonds in 2026 to fund President Lee Jae-myung's expansionary fiscal agenda, with the spending plan of the liberal government set to increase by 8.1% compared to this year. An anonymous official from the South Korean Ministry of Finance, speaking on internal policy discussions, stated that 115.7 trillion Korean won will be net new issuance. The South Korean government originally planned to sell 201.3 trillion Korean won in bonds this year, but after two budget supplements, the total bond issuance has increased to 231.1 trillion Korean won. Another South Korean Ministry of Finance official familiar with the matter revealed that in addition to government bonds, South Korea will seek parliamentary approval to issue $1.4 billion in offshore bonds and 137 trillion Korean won in local currency-denominated foreign exchange stabilization bonds in 2026.