Korea's finance ministry eyes 7.02 trillion won in June bond auctions

By Richard Connell

New York, May 28 - The Ministry of Strategy and Finance of Korea said it plans to issue up to 7.02 trillion won in bonds through auctions in June, up from 6.058 trillion won issued in May.

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

Auctions include 2.4 trillion won of new three-year bonds to be auctioned June 2, a 2.62 trillion won add-on of five-year bonds to be auctioned June 9, a 1.3 trillion won add-on of 10-year bonds to be auctioned June 16 and a 700 billion won add-on of 20-year bonds to be auctioned June 23.

Of the 7.02 trillion won to be auctioned on a competitive basis, 1.404 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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