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Futures Higher As Stock Drop


Futures higher in South Korea as stocks in Asia retreat, additional coronavirus concerns as cases rise above 700 again outweigh positive data. 10-year future up 10 ticks at 126.85, though has declined since gapping higher to 127.10 at the open.

  • Some corporate issuance announced. LG Electronics announced plans to sell KRW 300bn of bonds in 5-,7-,10- & 15-year maturities, the size could rise to KRW 600bn. The 5- & 7-year note could feature ESG criteria.
  • Some worry on the coronavirus front as South Korea's daily new coronavirus cases bounced back to over 700 Wednesday as the country is teetering on the brink of facing another wave of the pandemic. There were 731 new cases in the past 24 hours, up from 549 on Tuesday. Elsewhere, South Korea is considering a "vaccine swap" agreement with the US that would effectively function as a loan deal in which the country receives surplus COVID-19 vaccines from the US and gives the same amount back later.

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