Korea's finance ministry sets 6.883 trillion won August bond auctions

By Richard Connell

New York, July 31 - The Ministry of Strategy and Finance of Korea said it plans to issue up to 6.883 trillion won in bonds through auctions in August, up from 6.818 trillion won issued in July.

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

Auctions include a 2.283 trillion won add-on of three-year bonds to be auctioned Aug. 4, a 2.6 trillion won add-on of five-year bonds to be auctioned Aug. 11, a 1.3 trillion won add-on of 10-year bonds to be auctioned Aug. 18 and a 700 billion won add-on of 20-year bonds to be auctioned Aug. 25.

Of the 6.883 trillion won to be auctioned on a competitive basis, 1.377 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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