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Short End Yields Rise

KOREA RATES

Short end yields are higher with 3-Year futures also seeing some selling pressure, A minister said yesterday that the government expects to transition back to normal life between October and November, this would entail easing social distancing rules for fully vaccinated people as well loosening restrictions on private gatherings. The positive outlook has sparked speculation that the October BoK meeting could be live after the Central Bank hiked 25bps at its previous meeting. 3-Year future is down 5 ticks at 109.24, 10-Year future up 17 ticks at 124.04. 3-Year yield up 4.4bps at 1.650%, US/SK 2-Year yield spread narrows further as a result of the short end buying in South Korea, last at 106.42bps from wides of around 134bps in early September.

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