First Tranche of $12 Billion in Korea-US Currency Swap Funds to Be Supplied on the 31st (Update)
The Bank of Korea: "Improved Foreign Currency Funding Conditions Will Contribute to Market Stability"
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[Asia Economy Reporter Jang Sehee] The Bank of Korea announced on the 29th that it will conduct a competitive bidding for a $12 billion foreign currency loan using the Korea-US currency swap funds on the 31st.
The bidding will take place for 30 minutes starting at 10 a.m. on the 31st, and the bidding targets are 7-day and 84-day maturities. The settlement date is the 2nd of next month. The maturity dates are June 9 and June 25, respectively.
The maximum bid amounts are $300 million (7-day) and $1.5 billion (84-day). The minimum is $1 million, and bids above that must be in multiples of $1 million. The winning bid rate will be determined by a multiple price method.
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The Bank of Korea stated, "We expect that the supply of currency swap funds this time will contribute to market stability by improving foreign currency liquidity conditions."
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