According to Yonhapinfomax, South Korea's 3-year government bond yield fell to 3.615% on November 6, while the interest rate spread between 3-year and 1-year bonds narrowed to 2.5 basis points for the first time since May 2025. The compression has widened buying interest in short-dated credit instruments, with the 1-year bank bond-to-government bond spread narrowing to 3.5bp from 4.49bp on October 22.

Bank bond issuance momentum has also improved, with net issuance of 7.2 trillion Korean won recorded last week, following 10.7 trillion won in the final week of October. Market participants expect the strong Treasury performance to further boost credit market demand heading into year-end.

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