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KTB Issuance Plan, August 2020

  • DivisionTreasury Bureau - Government Bond Policy Division
  • DateJuly 30, 2020

August 2020 Treasury Bond Issuance Plan

 

 

The Ministry of Economy and Finance plans to issue Korea Treasury Bonds worth approximately 13,300 billion won in August 2020 through competitive bidding.

 

 

August 2020 Auction Schedule

                                                                 (KRW billion)

Name

Auction Notice

Auction Date

Settlement Date

Issue Date

Type1

Volume

3Y KTB 01000-2306

July 30

August 3

August 4

June 10, 2020

F

2,900

5Y KTB 01500-2503

August 5

August 10

August 11

March 10, 2020

F

1,500

5Y KTB 01125-2509

September 10, 2020

P

1,000

10Y KTB 01375-3006

August 12

August 18

August 19

June 10, 2020

F

3,150

20Y KTB 01125-3909

August 19

August 24

August 25

September 10, 2019

F

550

20Y KTB 00000-4009

September 10, 2020

P

350

30Y KTB 01500-5003

July 30

August 4

August 6

March 10, 2020

F

3,100

50Y KTB 02000-6809

August 11

August 14

August 18

September 10, 2018

F

750

1 F = fungible issue, P = pre-issuance

 

 

1) Non-competitive bids option I

 

For retail investors, KTBs worth 2,510 billion won (no more than 20% of the offered 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 10%-35%* of the accepted bid amount within three business days after the auction.

 

* Up to 25% of the option is granted to the top-performing PDs, 20% to the 2nd best-performing PDs, 15% to the 3rd best-performing PDs, and 10% to the rest, according to their market-making performances for the last six months. MOEF will grant additional 5~10%p to best performing PDs in the monthly evaluation.

 

 

3) Non-competitive bids option III

 

KTB STRIPS* are supplied on the third business day after the auctions, 208 billion won for 3Y and 5Y KTBs, 258 billion won for 10Y and 30Y KTBs, and 160 billion won for 20Y KTBs. PDs that have obtained the right to purchase these KTB STRIPS can make purchases of up to 20 billion won.

 

* 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 within 10%* (10 billion won for conventional issuance and 5 billion won for pre-issuance) of the scheduled amount of issuance for the month, 100 billion won, which can be exercised on the same day of the 10Y KTB auction date and the following day.

 

* 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 on the 10Y KTB auction date and the following business day after the auction.

 

* 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

August 19, 2020 10:40~11:00

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

3Y KTB 02250-2106 (that comes due in June, 2021)

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

5Y KTB 01375-2109 (that comes due in September, 2021)

KRW 150 billion

 

* Further details will be provided on August 13, 2020 on the BOK website.

 

 

 

6) Conversion offer

 

Date

KTB for Issue

KTBs for Purchase

Amount

August 21, 2020

10:40~11:00

KTBi 01125-3006

(Maturing on June 10, 2030)

KTBi 01750-2806

KTBi 01000-2606

KTBi 01500-2106

KRW 100 billion

 

* Further details will be provided on August 18, 2020 on the BOK website.

 

Please refer to the attached PDF 

Ministry of Economy and Finance
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