Korea's finance ministry plans 6.06 trillion won in May bond auctions

By Richard Connell

New York, April 29 - The Ministry of Strategy and Finance of Korea said it plans to issue up to 6.058 trillion won in bond auctions in May, down from 7.05 trillion won issued in April.

The bonds will be offered in four auctions, according to the newly announced schedule.

Auctions include a 1.7 trillion won add-on of three-year bonds to be auctioned May 7, a 2.358 trillion won add-on of five-year bonds to be auctioned May 12, a 1.3 trillion won add-on of 10-year bonds to be auctioned May 19 and a 700 billion won add-on of 20-year bonds to be auctioned May 26.

Of the 6.058 trillion won to be auctioned on a competitive basis, 1.212 trillion won will be allocated to competitive bidders at the clearing interest rate for each auction.

An additional 10% will be available through non-competitive bidding.

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