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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Citi still weighing Korean bid to join bond index Reuters - Wednesday, July 22 By Umesh Desai ADVERTISEMENT HONG KONG, July 21 - Citigroup has yet to decide whether to add South Korea to its widely tracked World Government Bond Index and has not set a deadline for making the decision, according to a document obtained to Reuters on Tuesday. South Korean domestic bonds have rallied on hopes that index-provider Citigroup Index LLC would add the country to its gauge, drawing cash from funds that track the index. Last week speculation Citi had decided to exclude Korea drove foreign investors from the bond market. The document from Citigroup Index showed it was still considering the option, even though some investors had voiced concerns. "While the steps taken by the Korean government have been very positive, the committee feels that it cannot set a timetable for the inclusion of South Korea at this time," the document showed. Some investors wanted WGBI's composition to remain unchanged until markets had recovered from last year's global financial crisis, according to the document. Others wanted to wait until they had more clarity on the situation in communist North Korea, it said. The North has ratcheted up tensions on the Korean peninsula with nuclear and missile tests at a time of growing media speculation that its reclusive leader has pancreatic cancer. Seoul has scrapped the withholding tax on bond investments for foreigners and agreed to adopt international settlement systems to qualify as an index component, hoping foreign cash would deepen the bond market and make it less volatile. Last month, a finance ministry official said Seoul hoped to be added to the index as early as September, drawing between $10 billion and $15 billion in foreign cash into the bond market. Overseas investors bought a net 2.8 trillion won ($2.24 billion) in bonds in May, the largest for any month since September, when Seoul exempted foreign investors from the 14 percent withholding tax on interest income. Last Friday, foreign investors dumped a net 521 billion won in debt futures, ending a 12-day buying streak, on speculation that Citigroup would exclude South Korea from the index. One fund manager said the document pointed to a delay. "If all is ok, announcements will be made three months later and it will take another three months for inclusion. So early 2010," he said. A Finance ministry official told Reuters that the government was still optimistic being added to the index. "We will continue our dialogue with investors and with the government authorities and we intend to provide an update to this document within three months," the official said. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business Hong Kong shares finish flat; insurers extend gainsReuters - Wednesday, July 22 NZ credit card billings up slightly in June - RBNZReuters - Tuesday, July 21 CIT gets $3 billion lifeline from bondholdersReuters - Tuesday, July 21 Tata Steel raises $500 mln in London share issueReuters - Wednesday, July 22 CIT warns about bankruptcy, sees loss of $1.5 blnReuters - Wednesday, July 22 Most Popular – Business Viewed Lost love letter reunites couple after 16 years Shark attack victims fight for their attackers Man who went to the moon and came back an artist Madonna visits family of dead Marseille stage hand Deutsche Bank in 'spying' probe: report View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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