Ministry of Finance of Korea revises bond issuance and redemption schedule for fourth quarter

By Richard Connell

New York, Sept 25 - The Ministry of Strategy and Finance of Korea announced a revised bond issuance and redemption schedule for the fourth quarter of 2008 in an effort to stabilize the bond market in Korea.

The ministry reduced the total planned bond issuance for 2008 to 53 trillion won from 57 trillion won. The bond issuance for the fourth quarter will be 13 trillion won.

The ministry also announced that more three-year and five-year bonds will be issued, while scaling back on the issuance of 10- and 20-year bonds.

In addition, bond buybacks will be made early. Of the planned four trillion won remaining to be repurchased in 2008, three trillion won will be bought back in October.

Planned issuance for October consists of 4,014 to 4,615 billion won, with 4,014 billion won to be issued through competitive auction.

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