InfraDefenceThe capital behind defence.
InfraDefence register · 2015 to 2026

South Korea defence financing

37 defence financings involving South Korea since 2015, and 6 investment and M&A deals, each with its terms and primary sources.

Randeep Bubbra | Lawyer | Making defence financeable

37Financings on file
US$7.1bnFunded volume (US$ eq.)
6Investments and M&A
US$437mLargest financing
Dated records

South Korea defence financing, by year.

2015: 3 financings (3 bonds)3201516: 4 financings (4 bonds)41617: 3 financings (3 bonds)31718: 3 financings (3 bonds)31819: 4 financings (4 bonds)41920: 5 financings (4 bonds, 1 convertibles)52021: 3 financings (3 bonds)32122: 1 financing (1 bonds)12223: 2 financings (2 bonds)22324: 3 financings (3 bonds)32425: 3 financings (3 bonds)32526: 3 financings (3 bonds)326
BondsConvertibles

One square per financing, by date of signing, pricing or announcement. Volume in US$bn at approximate annual average rates; 2026 runs to 27 Oct 2026.

Show the figures
YearBondsConvertiblesTotal
20153 · US$553m–3 · US$553m
20164 · US$474m–4 · US$474m
20173 · US$416m–3 · US$416m
20183 · US$318m–3 · US$318m
20194 · US$643m–4 · US$643m
20204 · US$720m1 · US$203m5 · US$924m
20213 · US$846m–3 · US$846m
20221 · US$128m–1 · US$128m
20232 · US$264m–2 · US$264m
20243 · US$806m–3 · US$806m
20253 · US$739m–3 · US$739m
20263 · US$957m–3 · US$957m

Largest financing

Korea Aerospace Industries (KAI) KRW 500bn unsecured bonds (2021), 12 Apr 2021.

By type

TypeFinancingsFunded (US$)
Bond36US$6.9bn
Convertible1US$203m

Financings

DateFinancingTypeAmount
11 Feb 2026LIG Nex1 KRW 340bn unsecured bonds (2026)BondKRW 340bn
27 Jan 2026Korea Aerospace Industries (KAI) KRW 500bn unsecured bonds (2026)BondKRW 500bn
15 Jan 2026Hanwha Aerospace KRW 500bn unsecured bonds (2026)BondKRW 500bn
4 Nov 2025Hyundai Rotem KRW 50bn unsecured bonds (2025)BondKRW 50bn
4 Jul 2025Korea Aerospace Industries (KAI) KRW 500bn unsecured bonds (Jul 2025)BondKRW 500bn
24 Jan 2025Korea Aerospace Industries (KAI) KRW 500bn unsecured bonds (Jan 2025)BondKRW 500bn
26 Jun 2024Hanwha Aerospace KRW 300bn unsecured bonds (2024)BondKRW 300bn
8 Apr 2024Korea Aerospace Industries (KAI) KRW 400bn unsecured bonds (2024)BondKRW 400bn
11 Jan 2024Hanwha Aerospace KRW 400bn unsecured bonds (2024)BondKRW 400bn
7 Sep 2023Hyundai Rotem KRW 45bn unsecured bonds (2023)BondKRW 45bn
20 Apr 2023Hanwha Aerospace KRW 300bn unsecured bonds (2023)BondKRW 300bn
19 Jan 2022Hyundai Rotem KRW 165bn unsecured bonds (2022)BondKRW 165bn
28 Jun 2021Hyundai Rotem KRW 68bn unsecured bonds (2021)BondKRW 68bn
28 Apr 2021Hanwha Aerospace KRW 400bn unsecured bonds (2021)BondKRW 400bn
12 Apr 2021Korea Aerospace Industries (KAI) KRW 500bn unsecured bonds (2021)BondKRW 500bn
5 Nov 2020Korea Aerospace Industries (KAI) KRW 300bn unsecured bonds (2020)BondKRW 300bn
17 Jun 2020Hyundai Rotem KRW 240bn convertible bonds (2020)ConvertibleKRW 240bn
29 May 2020Korea Aerospace Industries (KAI) KRW 200bn unsecured bonds (2020)BondKRW 200bn
28 May 2020LIG Nex1 KRW 200bn unsecured bonds (2020)BondKRW 200bn
28 Apr 2020Hanwha Aerospace KRW 150bn unsecured bonds (2020)BondKRW 150bn
2 Oct 2019Hanwha Aerospace KRW 150bn unsecured bonds (2019)BondKRW 150bn
16 Jul 2019Hyundai Rotem KRW 200bn unsecured bonds (2019)BondKRW 200bn
30 Apr 2019Hanwha Aerospace KRW 200bn unsecured bonds (2019)BondKRW 200bn
15 Apr 2019LIG Nex1 KRW 200bn unsecured bonds (2019)BondKRW 200bn
8 Jun 2018Hyundai Rotem KRW 100bn unsecured bonds (2018)BondKRW 100bn
18 May 2018LIG Nex1 KRW 100bn unsecured bonds (2018)BondKRW 100bn
2 May 2018Hanwha Aerospace KRW 150bn unsecured bonds (2018)BondKRW 150bn
7 Jul 2017Hyundai Rotem KRW 120bn unsecured bonds (2017)BondKRW 120bn
9 Jun 2017LIG Nex1 KRW 150bn unsecured bonds (2017)BondKRW 150bn
31 May 2017Korea Aerospace Industries (KAI) KRW 200bn unsecured bonds (2017)BondKRW 200bn
28 Oct 2016Hanwha Techwin (now Hanwha Aerospace) KRW 100bn unsecured bonds (2016)BondKRW 100bn
7 Oct 2016Hyundai Rotem KRW 100bn unsecured bonds (2016)BondKRW 100bn
22 Jun 2016Hanwha Techwin (now Hanwha Aerospace) KRW 150bn unsecured bonds (2016)BondKRW 150bn
8 Apr 2016Korea Aerospace Industries (KAI) KRW 200bn unsecured bonds (2016)BondKRW 200bn
26 Nov 2015Hanwha Techwin (now Hanwha Aerospace) KRW 100bn unsecured bonds (2015)BondKRW 100bn
15 Jun 2015Hyundai Rotem KRW 200bn unsecured bonds (2015)BondKRW 200bn
20 Jan 2015Hyundai Rotem KRW 325bn unsecured bonds (2015)BondKRW 325bn

Investments and M&A

Totals are US$ equivalents of funded deals at approximate annual average rates; programme-level and conditional commitments are listed but left out. Records come from public, primary sources. How the register is built.

Randeep Bubbra
InfraDefence Weekly

The week in defence finance, read from the filings.

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