This paper empirically examines the underwriting of corporate bond (CB) in Korea as a bank based economy after the introduction of capital market integration act. Underwriters include securities companies (KMBs) as siblings of Korean main banks as well as independent Korean investment banks (KIBs). Reputation of underwriters is important in the underwriting. KIBs positively affect the net proceeds, yields, and coupon rates; there exists no evidence on conflict of interest in the underwriting. The credit risks are positively influenced by KMBs and KIBs. These imply that the underwriters certify the issuing firms in CB underwriting and that KMBs and KIBs positively operate after the introduction.