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Financial authorities and local banks have agreed to provide liquidity to the country s short-term funding market, aiming to help stabilize the local corporate bond and commercial paper (CP) markets. The short-term funding markets recently witnessed a mounting credit crunch following the default of 205 billion won ($143 million) in asset-backed commercial paper (ABCP) issued by the Gangwon Province-led developer of Legoland Korea earlier this month. ....
As uncertainties stemming from a default in project financing (PF) for the construction of a Legoland amusement park in Gangwon Province add to woes in the domestic bond market, Korea s top financial regulator said it will inject 1.6 trillion won ($1.1 billion) into the debt market, while ensuring additional liquidity to cover short-term loans. ....