대주주만 웃는 영구채, '유증 기피' 현상이 판 키웠다

As perpetual bond issuance surges among Korean brokerages and corporations to circumvent equity offering penalties, credit risk is systematically migrating to secondary financial institutions. This structural dysfunction creates financial stability concerns, with undercapitalized savings banks absorbing higher-risk debt instruments, exposing the broader financial system to concentrated credit risks.