South Korea's IRS Steepens as Short-End Falls 2.75bp, Long-End Rises 3.25bp on July 8

According to Yonhapinfomax, South Korea's interest rate swap (IRS) yields steepened on July 8 afternoon, with short-term rates falling and long-term rates rising. The 1-year IRS rate dropped 2.75 basis points to 3.4450%, while the 5-year rose 1.25bp to 3.9625% and the 10-year climbed 3.25bp to 4.0600%. A Seoul bond dealer attributed the short-term decline to easing concerns about rapid rate hikes amid a sharp currency decline.
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