Seoul IRS Rates Fall Across All Tenors on July 29, 10Y Down 4.50bp to 4.0825%

According to Seoul bond market data on July 29, South Korea's interest rate swaps (IRS) declined across all tenors. The 1-year IRS fell 2.50 basis points to 3.4225%, while the 5-year contracted 4.75bp to 3.9675% and the 10-year dropped 4.50bp to 4.0825%. SOFR-based rates also declined, with the 1-year down 2.50bp to 3.2500%, the 5-year falling 1.50bp to 3.5600%, and the 10-year declining 2.00bp to 3.5000%. Bond dealers attributed the strength to weakening back-to-back betting amid falling exchange rates and expectations of a Federal Reserve rate hold.
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