<국고채>
KTB yields fell simultaneously (bond prices rose) for two consecutive days. Analysts in the securities industry say that Korea’s inclusion in the WGBI (World Government Bond Index) observation target is the effect of risk aversion.
According to the Bond Information Center of the Financial Investment Association on the 30th, the three-year government bond closed at 4.186% a year, down 0.117 percentage point from the previous day.
The five-year government bond closed at 4.175% a year, down 0.16 percentage points. The 10-year government bond closed at 4.096% per annum, down 0.133 percentage points. Treasury bond yields fell on the same day.
The yield on the 20-year government bond fell 0.139 percentage points to 3.964% per annum. The 30-year government bond yield cut 0.143 percentage points to 3.837% per annum, and the 50-year government bond yield cut 0.136 percentage points to 3.794% per annum.
It is interpreted that the positive news that Korea is included in the WGBI WatchList has been reflected. Analysts say that when about 50 to 60 trillion won of global government bond investment flows in, the government bond yields can regain stability.
Corporate bond yields also fell. According to the Bond Information Center of the Financial Investment Association, the interest rate on 3-year corporate bonds (AA-grade) ended at 5.28% a year, down 0.098% from the previous day, according to the Bond Information Center. The BBB-grade interest rate stood at 11.133% a year, down 0.099% from the previous day.
<회사채 및 신용평가>
The refinancing risk of real estate project financing (PF) asset-backed commercial paper (ABCP) is growing. This is the aftermath of the non-payment of ABCP guarantee debts as Gangwon-do decided to apply for court rehabilitation against Gangwon Middle East Development Corporation. Some brokerage firms and asset management companies that participated in the investment are ready to withdraw their money. There are also concerns that the entire real estate PF market may shake if the wave becomes larger.
According to the investment banking (IB) industry, Ione Cheil Motors, a special purpose company (SPC), notified investors the day before that it would not refinance ABCP worth 205 billion won.
I-One First Car is an SPC prepared by Gangwon Middle East Development Corporation to finance the Legoland Korea development project. This ABCP took the PF loan receivables of the development project as an underlying asset. BNK Investment & Securities was the sponsor of the loan, and Daol Investment & Securities was the trustee.
Earlier, Gangwon-do provided a debt guarantee when BNK Investment & Securities issued ABCP. For this reason, it has been rated ‘A1(sf)’, the highest level among short-term credit ratings. However, the IB industry explained that the issuance of refinancing did not occur normally as Gangwon-do decided to apply for the court rehabilitation of Gangwon-do Development Corporation.
Institutional investors who have difficulty recovering their investment are in an emergency. This is because it has increased the possibility of not getting money back after investing in high-quality credit-grade products that have secured local government guarantees.
By Jang Hyun-joo, staff reporter [email protected]