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Morgan Stanley Considers Reduced Issuance v. BoK Normalisation

KOREA RATES

Morgan Stanley says: "The Korean government announced its proposed fiscal budget plan for 2022 today. The fiscal deficit is expected to be 2.6% of GDP, narrower than the planned 4.4% for 2021. The proposed issuance plan of KTBs for 2022 is KRW167.4trn (redemptions KRW72.6trn, net KRW94.8trn). The proposed size is KRW18.9trn lower than the planned 2021 issuance, which is KRW186.3trn, suggesting less supply-side burden for 2022. In the near term, tactically it is likely that the rates curve would bull flatten on the back of the news. However, with the BoK set to normalise its policy rate, the KRW rates curve still sees an upward bias. We recommend a KRW NDIRS 1s10s flattener."

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