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KTB Issuance Plan, October 2022

  • DivisionOthers - others
  • DateSeptember 29, 2022

Treasury Bond Issuance Plan, october 2022



The Ministry of Economy and Finance plans to issue Korea Treasury Bonds worth approximately 9,000 billion won in October 2022 through competitive bidding.



Auction Schedule, October 2022 

(Unit: KRW billion)

Name

Auction

Notice

Auction

Date

Settlement

Date

Issue Date

Type

Volume

2Y KTB 03125-2409

October 6

October 12

October 13

September 10, 2022

F¹

1,300

3Y KTB 03125-2506

October 5

October 11

October 12

June 10, 2022

F

800

3Y KTB 00000-2512

October 5

October 11

October 12

December 10, 2022

  p₂

500

5Y KTB 03125-2709

October 19

October 24

October 25

September 10, 2022

F

1,400

10Y KTB 03375-3206

October 12

October 17

October 18

June 10, 2022

F

1,000 

10Y KTB 00000-3212

October 12

October 17

October 18

December 10, 2022

P

700

KTBi 01625-3206

October 4

October 7

October 11

June 10, 2022

F

100

20Y KTB 03250-4209

October 20

October 25

October 26

September 10, 2022

F

600

30Y KTB 03125-5209

September 29

October 4

October 5

September 10, 2022

F

2,300 

50Y KTB 00000-7209

October 11

October 14

October 17

September 10, 2022

F

300

Conversion offer

Conventional

October 13

October 18

October 20

September 10, 2022

F

300

1. Fungible issue

2. Pre-issuance


* Under a fungible issue system, new KTBs issued within a specified period (three-month period for 2Y KTB, six-month period for 3Y, 5Y and 10Y KTB, one-year period for 20Y and 30Y KTB, and two-year period for KTBi and 50Y KTB) are regarded as the same KTB issue.
 


1) Non-competitive bids option I


For retail investors, KTBs worth 1,740 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, 221 billion won for 3Y and 5Y KTBs, 271 billion won for 10Y and 30Y KTBs, and 170 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.


Purchases are made in a stripped bond type, and the PDs have to meet their obligations of separating interest and principal for their purchases over the next month.



4) Buyback


Date

KTBs to be purchased

Amount

October 19

10:40~11:00 am

KTB 00875-2312

KTB 03500-2403

KTB 03000-2409

KTB 01500-2503

KTBi 01125-3006

KRW 1,500 billion

* Further details will be provided on October 14 on the BOK website.



5) Conversion offer


Date

KTB to be issued

KTBs to be purchased

Amount

October 18

10:40-11:00 am

30Y KTB 03125-5209

(Maturing on September 10, 2052)

KTB 01375-2912

KTB 01375-3006

KTB 01500-3012

KTB 04000-3112

KTB 02625-3509

KTB 01500-3609

KRW 300 billion

* Further details will be provided on October 13 on the BOK website.


Non-competitive option Ⅵ has yet to be decided. If non-competitive option Ⅵ needs to be implemented, the Ministry will announce it on October 13 with a detailed plan.


Considering the market situation, the Ministry will extend the Dutch auction and increased non-competitive bid option II that are currently in effect temporarily, from February 2022 to the second quarter of 2023..


Prior to February 2022

Increased option (Temporary)

% of the non-competitive bid option II

20% to the top-performing PDs

15% to the 2nd best-performing PDs

10% to the 3rd best-performing PDs

5% for the rest (according to their

market-making performances for the last half of the year)

+ additional 10%p to 1st to 5th best- performing PDs, and 5%p to 6th to

10th best-performing PDs (according to the monthly evaluation)

25% to the top-performing PDs

20% to the 2nd best-performing PDs

15% to the 3rd best-performing PDs

10% for the rest (according to their

market-making performances for the last half of the year)

+ additional 10%p to 1st to 5th best- performing PDs, and 5%p to 6th to 10th best-performing PDs (according to the monthly evaluation)


Ministry of Economy and Finance
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