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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World S.Korea to sell 82.4 trln won in T-bonds in 2011 Reuters - Friday, December 31 Send IM Story Print * May raise outstanding 3-yr T-bond volume to meet demand * Aiming to balance fresh issues throughout year * Plans 12 trln won exchange or buyback vs 18.8 trln in 2010 * Seeking law revision to raise T-bond buyback and exchange By Kim Yeonhee and Lee Shin-hyung SEOUL, Dec 30 - South Korea may raise the volume of 2011 treasury bond issuance by 6 percent from this year's level, and will try to spread fresh issues throughout the year, the finance ministry said on Thursday. The government plans to sell 82.4 trillion won ($71.90 billion) worth of treasury bonds in 2011, with three and five-year maturities set to account up to 70 percent of the total, versus this year's actual proportion of 58 percent. The total compared with 77.7 trillion won of South Korean government bonds sold this year. "The plans were not based on optimism about next year's demand," Yoo Jae-hoon, head of the finance ministry's treasury bureau, said in an interview with Reuters after releasing the 2011 issuance plan. "We will take countermeasures through either demand-boosting steps or supply adjustment," he said in his office at the government complex, referring to market concerns that foreign interest in longer-dated South Korean bonds might cool down. Yoo, a former spokesman for the Financial Services Commission, an industry watchdog, declined to elaborate, while sharing the market view that capital inflows into emerging market bonds may not be as strong in 2011 as in the past year. He pointed to a set of government measures aimed at mitigating swings in capital flows as a factor behind a sharp fall in foreigners' purchases of South Korean bonds in November. The re-introduction of a withholding tax for foreigners' local bond purchases from 2011, pending final approval by parliament, may reduce the merit of arbitrage trade, or taking advantage of interest differentials between two countries. In an effort to address supply concerns, the government plans to increase the volume of the most popular three-year treasuries maturing in June 2013. In the first tranche, it will exchange 500 billion won worth of illiquid government bonds with the same-maturity notes next month. "If supply and demand conditions stay unstable, we will make it regular to exchange or increase its outstanding volume," the ministry's treasury bureau director Woo Hae-young told Reuters. The 3-year treasury yield slid to record-low 2.89 percent earlier this month on strong foreign investors' purchases due to supply concerns. It closed flat at 3.38 percent on Thursday. NET ISSUANCE VALUE MAY DROP Excluding bonds to be sold to finance those maturing during the year and to finance older bonds due to be retired ahead of maturity, the government would sell 36.1 trillion won worth in 2011, compared with 29.2 trillion won in 2010. The value of treasury buyback and exchange may decrease to 12.0 trillion won from this year's 18.8 trillion won. Yoo said the ministry wanted to submit a revised bill to parliament as early as April to give it more room for a treasury buyback and exchange from 2012 as well as to introduce government bonds maturing in less than one year. In January, the ministry would sell 6.063 trillion won worth of treasury bonds, compared with 2.836 trillion won sold this month, the Ministry of Strategy and Finance said in a statement. Following are auctions planned for January 2011: DATE OF AUCTION MATURITY AMOUNT Jan 3 3 years 1.5 Jan 10 5 years 2.023 Jan 17 10 years 1.57 Jan 24 20 years 0.97 Recommend Send IM Story Print Related Articles US-BUSINESS Summary Reuters - 22 minutes ago Jobless claims, factory data buoy recovery hopes Reuters - 22 minutes ago Rattner settles with Cuomo for $10 million Reuters - 32 minutes ago Chrysler recalls more than 144,000 vehicles: NHTSA Reuters - 49 minutes ago Groupon raises $500 million, to buy back shares Reuters - 1 hour 1 minute ago News Search Top Stories Spanish PM trumpets economic uptick, commits to reforms '250 billion' plastic fragments in Mediterranean Ponting ruled out of final Ashes Test Swiss franc hits record high vs dollar, euro, pound Pope acts to tackle money-laundering in Vatican More Top Stories » ADVERTISEMENT Most Popular Most Viewed French model known for anti-anorexia ads dies World's oldest human remains claimed in Israel Brazil's Petrobras confirms giant oil finds Deadline looms for Billy the Kid pardon Reese Witherspoon engaged to Hollywood agent More Most Viewed » More Most Recommended » Elsewhere on Yahoo! 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