Seoul IRS Yield Curve Steepens as 1-Year Falls 2.00bp, Longer Tenors Rise

According to Yonhapinfomax, the 1-year interest rate swap (IRS) in Seoul's bond market fell 2.00 basis points to 3.4725% today (July 7) as of 4:27 p.m., while longer-dated tenors rose, steepening the yield curve. The 5-year IRS rose 1.00bp to 3.9500%, and the 10-year rose 2.00bp to 4.0275%, with 2-year and 3-year rates increasing 0.25bp and 0.50bp respectively. A dealer noted foreign investors dominated trading, with buying concentrated in the 2-year and shorter segments and selling in the 3-year and longer segments. Concurrently, CRS (SOFR) rates declined, with 5-year falling 3.50bp to 3.4450% and 10-year down 4.00bp to 3.4250%.
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