BeginnerDCM
DCM First Steps
How bonds come to market — from origination to investors
⏱ ~55 min · 5 steps
Get a bird's-eye view of DCM, then see how book-building, NIC and the syndicate work together — anchored by the Korea 1998 sovereign bond case.
Learning Sequence
- 1🎓 Market 101
The DCM Ecosystem Map
Start with the full DCM ecosystem — how issuers, bookrunners, investors and the syndicate fit together.
Read → - 2🎓 Market 101
Book-Building
Learn how book-building aggregates investor demand and why oversubscription (O/S) matters for pricing.
Read → - 3🎓 Market 101
NIC (New Issue Concession)
Measure how much the issuer concedes via NIC (New Issue Concession). This is the real cost of accessing capital markets.
Read → - 4🎓 Market 101
Syndicate
Understand the syndicate's role and how bookrunner responsibilities are divided.
Read → - 5📊 Market Story
Korea 1998 External Bond — From Crisis to Markets
See every concept you've learned applied to Korea's landmark re-entry to international bond markets in 1998.
Read →