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PRESS RELEASES

KTB Issuance Plan, May 2019

  • DivisionTreasury Bureau - Government Bond Policy Division
  • DateApril 25, 2019
  • Tel044-215-5131

May 2019 Treasury Bond Issuance Plan

 

The Ministry of Economy and Finance plans to issue Korea Treasury Bonds worth approximately 7,700 billion won in May 2019 through competitive bidding.

 

May 2019 Auction Schedule

(KRW billion)

Name

Auction Notice

Auction Date

Settlement Date

Issue Date

Type1

Volume

3Y KTB 02000-2112

3Y KTB 01625-2206

30-Apr

07-May

09-May

10-Dec-2018

10-Jun-2019

F

P

1,000

850

5Y KTB 01875-2403

08-May

13-May

14-May

10-Mar-2019

F

1,700

10Y KTB 02375-2812

10Y KTB 01875-2906

15-May

20-May

21-May

10-Dec-2018

10-Jun-2019

F

P

1,000

850

20Y KTB 02375-3809

22-May

27-May

28-May

10-Sep-2018

F

500

30Y KTB 02000-4903

02-May

08-May

09-May

10-Mar-2019

F

1,800

1 F = fungible issue, P = pre-issuance

 

1) Non-competitive bids option I

 

For retail investors participating in competitive bidding, KTBs worth 1,540 billion won (not more than 20% of the offering amount in the auction) 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.

 

* 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 10Y and 30Y 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, and from 09:00 to 15:30 on the next date of the auction.

 

* 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

15-May-2019 10:40~11:00

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 01375-2109 (that comes due in 2021)

KRW 1,000 billion

 

* Details will be released on the BOK website on May 10, 2019.

 

6) Conversion offer

 

Date

KTB for Issue

KTBs for Purchase

Amount

*17-May-2019

10:40~11:00

30Y KTB 02000-4903

(Maturing on March 10, 2049)

KTB 05750-2603

KTB 05250-2703

KTB 05500-2803

KTB 05500-2912

KTB 04750-3012

KRW 100 billion

**24-May-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 May 14, 2019(*) and on May 21, 2019(**).

 

 

Please refer to the attached PDF

 

 

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