韩国债券市场分析

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1、January/February2010Contents▶HighlightsandOutlooksMarketOverview-Intensereactionby-Bondyieldcontinueddecreasingaftereconomyrecoverysloweddownfurtherdirectionofthemonetarypolicy,afteroneconomicindicatorssuchas4thquarterGDP,newsonoppositionFebruaryMPCmeeting,KTBmarketshowedral

2、lyofstabilizingpolicyratebyoneofU.S.FOMCcommitteeleadingyieldconditionbytheonturnaroundtorallyconditionandbondmarketshowedsensitivelyexpectationsonmonetaryeasingpolicyleadingthisreactingbythedirectionofmonetarypolicy.AfterMonetaryPolicyyear’slowest.Committee(hereinafter,MPC)

3、inFebruary,therehasbeenastrong-InJanuarycorporateexpectationsonmaintainingmonetaryappeasementpolicyleadingthebondmarket,long-termbondyieldtoplungetothisyear’slowest.institutionalinvestors’carrytypebuy-ordersledmainlyonmid-longterm-InJanuarycorporatebondmarket,institutionalin

4、vestorsresumedtheirhighgradedcorporatebondstorallyinbothinvestmentleadingrecoveryofbuy-ordersinmid-longtermbond.Inprimary/secondaryprimarymarket,rallyconditionswereshownbyexcessivecompetitionmarkets.Therewerestilldifferentiatedbetweensecuritiesonthetakeoverofcorporatebondsan

5、dincreasingphenomenonofhighgradedandlowgradedlong-terminvestmentinstitutions’carrytypebuy-orders.However,corporatebondsexistedshort-termbondsshowedincontrastbyMMFcapitaloutflowandbyhighlightedcreditrisk.increasedprofittakingsellordersoncorporatebondworsening-InJanuary,highvo

6、latilitysupplyanddemandconditions.AfterFebruary,differentiatedofbenchmarkyieldscontractednotonlyinthephenomenonofhighgradedbondscontinuedbycreditriskstandingsecondarymarketofoutandcorporatebondspreadhasbeencontractedmainlyonmoreABS,butalsointheprimarymarket.than3yearsremaini

7、ngmid-longtermbonds.Institutionalinvestorspreferrednon-callMBSthathaslowcreditrisk-InJanuaryABSmarket,primaryandsecondarymarketbothhaveandnocallrisk,and[contractedsharply.Formajorcorporations,improvementofissuetermsonindividualinvestorsFpreferredPFABSthatcorporatebondshasinc

8、reasedfinancingmeritthroughcorporatebondhascomparablyhighiinterestratemerit