The Ministry of Economy and Finance plans to issue Korea Treasury Bonds worth approximately 13,700 billion won in January 2025 through competitive bidding.
Auction Schedule, January 2025
(Unit: KRW billion)
|
Name |
Auction Notice |
Auction Date |
Settlement Date |
Issue Date |
Type |
Volume |
|
2Y KTB 02875-2609 (24-9) |
December 31 |
January 6 |
January 7 |
September 10, 2024 |
F1 |
1,400 |
|
3Y KTB 02875-2712 (24-12) |
January 8 |
January 13 |
January 14 |
December 10, 2024 |
F |
2,500 |
|
5Y KTB 03000-2909 (24-7) |
January 9 |
January 14 |
January 15 |
September 10, 2024 |
F |
2,200 |
|
10Y KTB 03000-3412 (24-13) |
January 15 |
January 20 |
January 21 |
December 10, 2024 |
F |
2,400 |
|
20Y KTB 02875-4409 (24-10) |
January 20 |
January 23 |
January 24 |
September 10, 2024 |
F |
700 |
|
30Y KTB 02750-5409 (24-8) |
January 2 |
January 7 |
January 9 |
September 10, 2024 |
F |
4,000 |
|
50Y KTB 02750-7409 (24-11) |
January 14 |
January 17 |
January 20 |
September 10, 2024 |
F |
500 |
|
Conversion
offer |
Conventional |
January 16 |
January 21 |
January 23 |
September 10, 2024 |
F |
400 |
|
Inflation-linked |
January 7 |
January 10 |
January 14 |
September 10, 2024 |
F |
100 |
1. Fungible issue
* 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 2,640 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 5-30%* of the accepted bid amount within three business days after the auction.
* Up to 20%p of the option is granted to the top-performing PDs, 15%p to the 2nd best-performing PDs, 10%p to the 3rd best-performing PDs, and 5%p 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, 234 billion won for 3Y and 5Y KTBs, 284 billion won for 10Y and 30Y KTBs, and 180 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.
＊Non-competitive option Ⅵ
Details have yet to be decided. If non-competitive option Ⅵ needs to be implemented, the Ministry will make an announcement on Janyary 23 with a detailed plan.
4) Conversion offer
|
Date |
KTB to be issued |
KTBs to be purchased |
Amount |
|
January 21
10:40-11:00 am |
30Y KTB 02750-5409
(Maturing on
September 10, 2054) |
KTB 01375-2912 (19-8)
KTB 05500-2912 (09-5)
KTB 02375-3112 (21-11)
KTB 03375-3206 (22-5)
KTB 03750-3312 (13-8)
KTB 03250-4209 (22-11)
KTB 03000-4212 (12-5)
|
KRW 400 billion |
|
January 10
10:40-11:00 am |
KTBi 02750-5409
(Maturing on
December 10, 2034) |
KTBi 01000-2606 (16-5)
KTBi 01750-2806 (18-5)
KTBi 01125-3006 (20-5)
|
KRW 100 billion |
* Further details will be provided on January 16 (KTB) and January 7 (KTBi) through the BOK website.
Please refer to the attached PDF.
