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Republic of Korea

Market Watch
Close of
February 17, 2020
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 1.290 1.0 ▲ 2.5 7.5
5 Year 1.425 3.2 ▲ 1.5 4.5
10 Year 1.615 4.2 ▲ 1.0 5.7

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
KRW per USD 1,183.900 0.1 ▲ 0.3 2.4
KRW per JPY 10.774 ▲ 0.0 ▲ 0.4 1.2

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D KORIBOR 1.280 ▲ 6.0 ▲ 2.0 ▲ 5.0
3M KORIBOR 1.350     0.0 3.0 55.0

* 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 1.250     0.0     0.0

* Policy rate changes are expressed in basis point change.

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Sovereign Ratings
Agency Rating Outlook Date
Regional Rating Institutions
R&I A+ stable 2016-07-25
RAM AA3 stable 2019-05-07
Non-Regional Rating Institutions
Fitch AA- stable 2016-10-20
S&P AA stable 2017-08-18

More details

  • 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 regionís 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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2019 Nov Sep Jun Mar
2018 Nov Sep Jun Mar
2017 Nov Sep Jun Mar
2016 Nov Sep Jun Mar
2015 Nov Sep Jun Mar
2014 Nov Sep Jun Mar
2013 Nov Sep Jun Mar
2012 Nov Sep Apr
2011 Nov Sep Mar
2010 Nov Oct Jul Mar
2009 Nov Sep

Market Summary

Yield Movements

Between 31 August and 15 October, local currency (LCY) government bond yields in the Republic of Korea rose for all tenors except the 3-month paper. The rise in yields was more pronounced at the longer end of the curve, with the yields of 10-year to 50-year securities up 21 bps on average. Yields rose during the review period as domestic bond yields tracked United States (US) Treasury yield movements, on positive news about trade talks between the Peopleís Republic of China (PRC) and the US. Market participants also took profits as the expected rate cut by the Bank of Korea on 16 October had already been priced in and on expectations of a pause in monetary easing for the year.

Size and Composition

The Republic of Koreaís LCY bond market posted growth of 2.0% quarter-on-quarter (q-o-q) to reach KRW2,378.2 trillion (USD1,987.9 billion) at the end of September. The growth was primarily driven by the 2.3% q-o-q rise in corporate bonds in Q3 2019 to reach KRW1.4 trillion on new issuance that remained relatively high. Meanwhile, the government bond segment rose at a slower pace of 1.6% q-o-q, largely driven by the 2.3% q-o-q rise in the stock of central government bonds.

Policy, Institutional and Regulatory Developments

On 29 August, the Government of the Republic of Korea submitted its 2020 budget totaling KRW513.5 trillion for approval. The planned budget entails a 9.3% increase in government spending over 2019 levels and is focused on helping boost the economy and promoting innovation. The main policies of the 2020 budget include increased spending for research and development; support for exports, investment, and consumption; strengthened social safety nets; improved quality of life; and strengthened national defense and diplomacy.

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