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Republic of Korea

Market Watch
Close of
October 22, 2020
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 0.817 0.7 ▲ 3.4 54.8
5 Year 1.207 1.5 ▲ 5.2 26.3
10 Year 1.505 1.5 ▲ 3.3 16.7

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
KRW per USD 1,132.860 0.1 ▲ 0.9 ▲ 2.0
KRW per JPY 10.804 ▲ 0.1 ▲ 0.4 1.5

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D KORIBOR 0.550     0.0 ▲ 22.0 68.0
3M KORIBOR 0.650     0.0 1.0 125.0

* Interest rate changes are expressed in basis point change.

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Policy Rates
Change From
Policy Rates Latest Rate
Previous Rate
BOK Base Rate 0.500     0.0 75.0

* Policy rate changes are expressed in basis point change.

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Sovereign Ratings
Agency Rating Outlook Date
Regional Rating Institutions
R&I AA- stable 2020-03-17
RAM AA3 stable 2019-05-07
Non-Regional Rating Institutions
Fitch AA- stable 2020-10-06
S&P AA stable 2020-04-21

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  • Size of LCY Bond Market
  • Size of LCY Bond Market in % of GDP
  • Monthly Bonds Outstanding in USD
  • FCY Bonds Outstanding
  • Breakdown of LCY Bond Market Issuance
  • G3 Currency Bond Issuance
  • Government Securities Maturity Profile - LCY
  • Corporate Securities Maturity Profile - LCY
  • Investor Profile - Government Bonds
  • Foreign Holdings in LCY Government Bonds
  • Trading Volume
  • Bonds Turnover Ratio
  • Interest Rate Spread - 2yrs vs 10yrs - LCY Bond
  • Yield Volatility - 10yr LCY Bonds
  • Credit Spread - LCY Corp. Bonds vs Govt. Bonds
  • Bid-Ask Spreads (Survey data)
  • Government Bond Market Structural Issues
  • Corporate Bond Market Structural Issues

ASEAN+3 Bond Market Guide

ASEAN+3 Bond Market Guide 2018: Republic of Korea

ASEAN+3 Bond Market Guide is a comprehensive explanation of the region's bond markets. It provides information such as the history, legal and regulatory framework, specific characteristics of the market, trading and transaction (including settlement systems), and other relevant information. The ASEAN+3 Bond Market Guide 2018 Republic of Korea is an outcome of the strong support and kind contributions of ASEAN+3 Bond Market Forum members and experts, particularly from the Republic of Korea.

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Market Summary

Yield Movements

The Republic of Korea's local currency (LCY) government bond yields remained range-bound between 15 June and 15 August, given market expectations that the Bank of Korea would maintain the base rate at its 16 July meeting following a 50-basis points rate cut in May. In particular, the prior rise in yields for long-term papers observed from March to May tapered during the current review period. This was tempered by expectations of a Bank of Korea bond purchase program to address the oversupply of bonds in the market. However, a rise in yields at the long-end of the curve was observed in August due to talks over a fourth supplementary budget and as the market anticipated the release of the 2021 fiscal budget.

Size and Composition

The Republic of Korea's LCY bond market grew 3.1% quarter-on-quarter (q-o-q) to KRW2,553.7 trillion (USD2.1 trillion) at the end of June, up from the 2.8% q-o-q growth posted in the first quarter of 2020. Growth in the domestic bond market at 4.6% q-o-q continued to be driven by the rising stock of government bonds, particularly central government bonds. Corporate bonds also posted growth but at a slower pace of 2.1% q-o-q. The Republic of Korea's LCY bond market expanded 9.5% year-on-year in the second quarter of 2020, up from the 8.7% year-on-year growth posted in the first quarter of 2020.

Policy, Institutional and Regulatory Developments

On 3 September, the Government of the Republic of Korea submitted the 2021 fiscal budget proposal totaling KRW555.8 trillion, primarily to aid in economic recovery and support the Korean New Deal. The 2021 budget is 8.5% higher than the original 2020 budget and 1.6% higher than the final 2020 budget that included three supplementary budgets in response to the COVID-19 pandemic.

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