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KOREA RATES

The South Korean MOF will today sell KRW 350bn of 50-Year bonds, issue KTB 01625-7009, results due after 0330BST/1030KST.

  • The MOF last sold 50-Year debt on September 9, the sale drew a yield of 1.990% and was covered 1.509x. Long end yields have rallied in South Korea, the 50-Year yield is up some 32.7bps since the hike in August, while the on the run 3-Year is up 24bps, though the yield on the 50-Year issue is around 1bp lower than the on the run 30-Year. The BoK kept rates on hold at its meeting earlier this week but hinted that the November meeting was live and reported two dissenters at the decision, compared to one dissenter at previous on hold decisions.

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