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PRESS RELEASES

KTB Issuance Plan, April 2019

  • DivisionTreasury Bureau - Government Bond Policy Division
  • DateMarch 28, 2019
  • Tel044-215-5131

 

April 2019 Treasury Bond Issuance Plan

 

The Ministry of Economy and Finance plans to issue Korea Treasury Bonds worth approximately 7,350 billion won in April 2019 through competitive bidding.

 

April 2019 Auction Schedule

(KRW billion)

Name

Auction Notice

Auction Date

Settlement Date

Issue Date

Type1

Volume

3Y KTB 02000-2112

3Y KTB 00000-2206

28-Mar

01-Apr

02-Apr

10-Dec-2018

10-Jun-2019

F

P

850

600

5Y KTB 01875-2403

03-Apr

08-Apr

09-Apr

10-Mar-2019

F

1,450

10Y KTB 02375-2812

10Y KTB 00000-2906

10-Apr

15-Apr

16-Apr

10-Dec-2018

10-Jun-2019

F

P

1,000

750

20Y KTB 02375-3809

17-Apr

22-Apr

23-Apr

10-Sep-2018

F

500

30Y KTB 02000-4903

28-Mar

02-Apr

03-Apr

10-Mar-2019

F

1,700

50Y KTB 02000-6809

09-Apr

12-Apr

15-Apr

10-Sep-2018

F

500

1 F = fungible issue, P = pre-issuance

 

1) Non-competitive bids option I

 

For retail investors participating in competitive bidding, KTBs worth 1,370 billion won (not more than 20% of the offering amount in the auction excluding 50Y KTBs) will be allocated first at the highest accepted bid rate.

 

2) Non-competitive bids option II

 

A non-competitive purchasing option II is granted to primary dealers (PD) whereby PDs can make additional purchases of 5%-30% of the accepted bid amount within three business days after the auction (excluding 50Y KTB).

 

* Up to 20% of the option is granted to the top-performing PDs, 15% to the 2nd best-performing PDs, 10% to the 3rd best-performing PDs, and 5% for the rest, according to their market-making performances for the second half of 2018. MOEF will grant additional 10%p to best performing PDs in the monthly evaluation.

 

3) Non-competitive bids option III

 

KTB STRIPS are regularly supplied for up to 160 billion won for each maturity (210 billion won for over 10Y KTBs). PDs that have obtained the right to purchase these KTB STRIPS can make purchases of up to 20 billion won.

 

* On the 3rd business day after the auction, the option is granted according to the outcomes of monthly evaluation conducted in the previous month, and the PDs have to meet their obligations of separating interest and principal for their purchases over the next month.

 

4) Inflation-linked Korea Treasury Bonds (KTBi)

 

KTBi underwriting rights are granted to PDs differentially within 10% of the scheduled issue amount for the month (100 billion won), which can be exercised from 14:30 to 15:30 on the auction date of 10Y KTBs.

 

* If the total amount of the bidding exceeds the issue amount of the month, KTBi will be allocated by the unit of one billion won according to the allocation standards, such as bidding amounts.

 

Non-PDs & Non-PPDs (retail investors) can purchase KTBi worth up to 10 billion won (up to 10% of scheduled issue amount for the month) through PDs between the notice date of the 10Y KTB auction and the 1st business day after the auction date.

 

* KTBi interest rate spread will be adjusted to the average spread of five business days before the competitive 10Y KTB bidding.

 

5) Buyback

 

Date

KTBs for Purchase

Amount

10-Apr-2019 10:40~11:00

3Y KTB 01750-2006 (that comes due in 2020)

10Y KTB 05000-2006 (that comes due in 2020)

5Y KTB 02000-2009 (that comes due in 2020)

5Y KTB 02000-2103 (that comes due in 2021)

10Y KTB 04250-2106 (that comes due in 2021)

5Y KTB 01875-2203 (that comes due in 2022)

KRW 1,000 billion

 

* Details will be released on the BOK website on April 5, 2019.

 

6) Conversion offer

 

Date

KTB for Issue

KTBs for Purchase

Amount

19-Apr-2019

10:40~11:00

KTBi 01750-2806

(Maturing on June 10, 2028)

KTBi 01500-2106

KTBi 01125-2306

KTBi 01750-2506

KTBi 01000-2606

KRW 100 billion

 

* Details will be released on the BOK website on April 16, 2019.

 

 

 

Please refer to the attached PDF

 

 

For more information on KTBs, http://ktb.moef.go.kr/eng/main.do