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Republic of Korea

Market Watch
Close of
September 22, 2020
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 0.804 0.8 3.0 56.1
5 Year 1.175 2.2 2.0 29.5
10 Year 1.467 2.8 3.3 20.5

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
KRW per USD 1,164.960 0.6 ▲ 1.2 0.8
KRW per JPY 11.102 0.3 ▲ 0.7 4.3

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D KORIBOR 0.430 ▲ 2.0 ▲ 4.0 80.0
3M KORIBOR 0.660     0.0 ▲ 2.0 124.0

* 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 2020-02-11
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

Between 28 February and 15 May, the Republic of Korea's local currency government bond yield curve steepened as yields at the short-end fell, while yields at the long-end rose. Yields at the short-end of the curve fell following the 50 basis points cut to 0.75% by the Bank of Korea in its emergency monetary policy meeting on 16 March, to stabilize the financial market and in response to the impending economic impact of the coronavirus disease (COVID-19) pandemic. The Bank of Korea has also announced and implemented several measures to provide additional liquidity in the market. Meanwhile, yields continued to rise at the longer-end of the curve, fueled by bond supply concerns as the government passed two supplementary budgets to support various sectors affected by the pandemic.

Size and Composition

The Republic of Korea's LCY bond market rose 2.8% quarter-on-quarter (q-o-q) to reach a size of KRW2,476.2 trillion (USD2,032.1 billion) at the end of March. This was higher than the 1.6% q-o-q growth posted in the fourth quarter of 2019. Growth in the first quarter of 2020 was largely driven by the 4.2% q-o-q increase in the stock of government bonds, as issuance surged for the quarter. Meanwhile, the Republic of Korea's corporate bond segment grew at a slower pace of 1.9% q-o-q.

Policy, Institutional and Regulatory Developments

On 19 March, the Government of the Republic of Korea announced the launch of a more than KRW50 trillion financial support package to aid businesses and households affected by the COVID-19 pandemic. The package includes nine programs focused on (i) providing liquidity to small businesses; (ii) deferment and or suspension of loan and interest payments by small and medium-sized enterprises; and the (iii) creation of a bond market stabilization fund and equity market stabilization fund.

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