Korea Bond Market Daily Report(Gemini): 10/31/2024
Korea Bond Market Daily Report
Treasury yields
| Treasury yields | Recent | DoD (bp) | YTD (bp) | YoY (bp) |
|---|---|---|---|---|
| 3Y KTB | 2.94% | ▲ 0.1 | ▼ 30.3 | ▼ 115.2 |
| 10Y KTB | 3.10% | ▼ 1.3 | ▼ 20.1 | ▼ 120.7 |
| Term Spread(bp) | 16.8 | ▼ 1.4 | ▲ 10.2 | ▼ 5.5 |
| Corp. AA- 3Y | 3.50% | ▼ 0.2 | ▼ 47.8 | ▼ 140.3 |
| Credit spread(bp) | 56.5 | ▼ 0.3 | ▼ 17.5 | ▼ 25.1 |
US Treasury Yields
| US Treasury Yields | Recent | DoD (bp) | YTD (bp) | YoY (bp) |
|---|---|---|---|---|
| 2Y US Treasury | 4.10% | ▼ 1.2 | ▼ 23.2 | ▼ 93.2 |
| 10Y US Treasury | 4.26% | ▼ 2.4 | ▲ 30.6 | ▼ 62.4 |
| Term Spread(bp) | 15.8 | ▼ 1.2 | ▲ 53.8 | ▲ 30.8 |
[Market Trends].
Preliminary US Q3 GDP came in at a 2.8% annualized rate, below expectations (2.9%). October ADP Private Payrolls came in at 23.3K, above expectations (11.1K).
U.S. Treasury rates rise on better-than-expected jobs report. Domestic rates opened lower after a weaker-than-expected US jobs report, but retraced some intraday losses as investors awaited the October nonfarm payrolls report.
[Top economic news and events].
Top U.S. News
U.S. Q3 GDP came in below consensus, growing 2.8% on an annualized basis.
ADP private payrolls for October came in at 23.3K, beating expectations.
Featured News
U.S. Q3 GDP missed consensus, growing at a 2.8% annualized rate, but personal consumption expenditures beat consensus at 3.7% and were the highest since Q1 2023.
ADP private payrolls beat expectations at 23.3k, while domestic interest rates opened lower on a below-expectations US jobs report, but retraced some intraday losses as investors awaited the October non-farm payrolls report.
Other News and Events
U.S. Treasury refinancing remains at $125 billion ($58 billion in 3-year, $42 billion in 10-year, and $25 billion in 30-year)
Q4 Net Marketable Borrowing revised downward on T-bill volume from $90b to $69b. Fourth-quarter T-bills in line with initial guidance, with a slight decrease in the first quarter of next year.
[Response Strategy].
Private consumption came out well in Q3 growth, although the total volume was below consensus, as the US presidential election is further pricing in the Trump trade. Borrowing in Q1 of next year was above market consensus, but the volume of bills issued in the QRA has been maintained, with attractive interest rate levels looking ahead to next year.
Disclaimer The information contained in this report has been obtained from sources believed to be reliable, but we do not guarantee its accuracy or completeness. This report is for informational purposes only and is not a solicitation or offer to buy or sell any security or financial instrument. Opinions expressed in this report are subject to change without notice. Investment decisions are the sole responsibility of the investor and you should seek professional advice as needed
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