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About KTBs

Currently issued government bonds include KTBs, Treasury Bills(T-bills), National Housing Bonds(NHBs) Type 1, and Foreign Exchange Stabilization Fund Bonds(FX SFBs), which are denominated in a foreign currency.

As of 2019

  • total : Issuance Volume(167.6 trillion won)
  • 1. FX SFBs 1.8 trillion won 1.1%
  • 2. KTBs 101.7 trillion won 60.7%
  • 3. T-Bills 29.1 trillion won 29.1%
  • 4. NHBs 15.4 trillion won 9.2%

As of 2019, Outstanding Balance of T-Bills : 0

  • total : Outstanding Balance(696.2 trillion won)
  • 1. KIBS 611.5 trillion won 87.8%
  • 2. NHBs 76.4 trillion won 11.0%
  • 3. FX SFBs 8.3 trillion won 1.2%

Among these government bonds, KTBs are issued in the largest volume and trading is active. Accordingly, the on-the-run KTB market yields serve as a benchmark yield. These are currently six types of KTBs issued, according to maturity; 3-year, 5-year, 10-year, 20-year, 30-year, and 50-year KTBs. These KTBs fall into fixed-interest type bonds and inflation-linked KTBs (limited to the 10-year maturity, KTBis). KTBi links the principal and coupon rate of the KTB to a consumer price index.

A table composed of No. Annual new issuances, New issuance months, Fungible issue period
No. Annual new issuances New issuance months Fungible issue period
3-year Twice a year Jun, Dec 6 months
5-year Twice a year Mar, Sep 6 months
10-year Twice a year Jun, Dec 6 months
20-year Once a year Sep 1 year
30-year Once a year Mar 1 year
50-year Every two years Sep 2 years

KTBs are fungible issues, meaning that the issuing conditions, including maturity and coupon rate, are the same for bonds issued within a certain period of time. Currently, 3-year KTBs and 10-year KTBs are issued on 10 June and 10 December, 5-year KTBs are issued on 10 March and 10 September, 20-year KTBs are issued on 10 September, 30-year KTBs are issued on 10 March, and 50-year KTBs are issued on 10 September. The coupon rates of KTBs are set to multiple of 0.125%.