A Kimchi bond is a non-won-denominated financial bond issued in the South Korean market. The name refers to kimchi, a Korean side dish.^[1] Woori Bank, which is credited with coining the term, defines it as solely referring to bonds from foreign issuers, a definition echoed by the Ministry of Finance and Economy.^[2][3] However, in practice, the term is also used to refer to non-won-denominated bond issuance by domestic entities.^[4][5] Deutsche Bank credits itself as having executed the first kimchi bond transaction, a US$100 million two-year floating rate note sold by South Korean company SK Global, but the first foreign company to sell non-won-denominated bonds in the South Korean market was Bear Stearns.^[2][4] Although foreign firms had long been permitted to issue won-denominated bonds, typically referred to as Arirang bonds, permission for them to issue foreign currency-denominated bonds was slower in coming. Permission was finally granted due to the strength of the won in 2005.^[3][6]