The Logbook: North Korea and the NK Debt Corporation

As a country not particularly known for playing by the rules, North Korea has historically been successful in convincing various financial institutions to lend it money for developments. These loans, unsurprisingly, often result in North Korean defaulting on its loans, with the lenders holding what can be compared to as the lowliest of junk bonds.

This brings us to this week’s story on a particular set of defaulted loans that continue to trade on the market through some clever financial engineering.