Citi projects that Korean companies will achieve record fundraising levels in global bond and equity markets in 2026, driven by a surge in capital market activity as firms seek international investors to fund growth.
According to the bank, a landmark $26.5 billion US listing by SK Hynix will be a major catalyst for this expected uptick. As one of the underwriters for the SK Hynix deal, Citi has already helped Korean clients raise approximately $60 billion in global bond and equity markets so far this year.
The bank anticipates a further increase in merger and acquisition activity across multiple sectors, including technology, consumer goods, and healthcare. This encompasses both acquisitions of overseas targets by Korean firms and purchases of Korean companies by foreign entities. So far this year, Citi ranks fourth in Korean equity capital market underwriting and third in Korean international bond underwriting.
"Korea is home to a growing number of world-class companies and emerging industry leaders, who are increasingly tapping capital markets on competitive terms to finance their growth objectives," said Park Jang-ho, CEO of Citi Global Markets Korea, in a statement on Wednesday.
Citi's optimistic outlook comes as SK Hynix and Samsung Electronics, the nation's two major chipmakers, emerge as primary beneficiaries of the global artificial intelligence infrastructure buildout, which is fueling a surge in demand for memory chips. Korea is seeking to mobilize at least 1,350 trillion won (approximately $975 billion) in corporate investment, with companies including Samsung Electronics and SK Hynix planning to invest in chips and data centers, although many of these projects are still in early planning stages.
The US listing of SK Hynix's American depositary receipts last month marked the largest initial stock offering by a foreign company, underscoring robust global investor demand for Korean tech stocks. Last week, Kakao Mobility, backed by TPG Capital, confidentially filed for a US listing. Sources indicate that Samsung Electronics has also held preliminary discussions with banks regarding a potential US listing, though no final decision has been made on whether to proceed.