South Korea IRS Rates Rise Across Tenors on July 23, 10-Year Hits 4.2175%

According to Yonhapinfomax, on July 23, South Korea's interest rate swap (IRS) rates rose across all tenors. The 1-year IRS rate rose 0.25 basis points to 3.4775%, the 5-year climbed 1.00 basis point to 4.0925%, and the 10-year increased 1.00 basis point to 4.2175%.

Market dealers noted mixed sentiment regarding an expected rate hike in August. One dealer said "overnight trading was strong but afternoon weakness emerged," adding that most market participants view an August hike as uncertain. Another dealer noted that 91-day certificate of deposit rates remained stuck near pre-hike levels at 2.91%, with more market participants now weighing toward an August rate increase.