10-Year Government Bond Yield Falls by 2.4bp, 3-Year Yield Rises by 0.2bp

On the morning of the 24th, government bond yields varied by maturity. Foreign investors led a bullish trend by net buying 3-year and 10-year government bond futures, but the bullish momentum diminished as the winning yield spread widened in the 5-year bond auction. As of 11:04 AM, the yield on the 3-year government bond rose by 0.2bp to 3.857%, while the 10-year yield fell by 2.4bp to 4.346%. The 3-year government bond futures increased by 5 ticks to 103.18, and the 10-year futures rose by 31 ticks to 105.42. The winning yield for the 5-year bond auction was established between 4.095% and 4.135%, with a weighted average winning yield of 4.131% and a total bid amount of 15 trillion KRW. The total bidding amount was 35.81 trillion KRW, with a bid-to-cover ratio of 238.7%. The market perceives the split phenomenon as a burden, which refers to the widening gap between the lowest and highest winning yields. External conditions also played a role, as rising U.S. Treasury yields and increasing international oil prices exerted downward pressure on U.S. Treasuries. The USD-KRW exchange rate fell by 5.3 KRW to 1380.70. The Bank of Korea's Monetary Policy Committee is scheduled to hold a meeting on the 27th to decide on the direction of monetary policy.

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