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Final Auction Of 2020 Due Today

SOUTH KOREA

South Korea will sell KRW 400bn of 20-year bonds today results are due at 0230GMT/1130KST.

This issue was previously tapped on November 23, the auction was larger at KRW 1tn. The sale drew a yield of 1.68% with a bid/cover of 3.266.

  • Yields are slightly lower across the curve today, the 20-year section is the exception, flat at 1.807%.
  • There were also reports that the government in South Korea are considering up to KRW 4tn in further support measures next month. The stimulus would be funded by reserves and the government is said to be considering an extra budget in 2021.
  • South Korea has said previously will keep its expansionary fiscal policy next year and will frontload 63% of the nation's budget spending in the first half of 2021.Earlier in December South Korea passed a record KRW 558tn national budget for 2021.
  • This will be the final South Korean government auction of 2020.
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