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South Korea To Purchase KRW 2tn Of Bonds

KOREA RATES

Futures lower in South Korea, following the move lower in US tsys on Friday as risk sentiment rebounded. 3-Year future is down 12 ticks at 110.45, 10-Year future is down 39 ticks at 128.21.

  • There were reports earlier that the budget increase for 2022 could be bigger than expected at around 8%, previously thought o be around 6. Details will be finalized later this week after meetings between officials but it is thought that the budget will be KRW 600tn in 2022 from KRW 558tn in 2021. The increased spending will be to address to resurgence in coronavirus and subsequent drop in activity.
  • Elsewhere there were reports on Friday that South Korea plans to buy a total of KRW 2tn in government bonds between August 25 and 31 August in a bid to pay off part of its national debt. The planned bond buyback will be the largest size among debt repayments carried out with extra budgets. The finance ministry said the purchase will lower the debt/GDP ratio by 1ppt to 47.2%.
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