March Retail Treasury Bonds Also Sell Out … “Wider Spread Was a Factor” (2026.03.17.)
Retail government bonds issued in Mar 2026 were fully subscribed across all maturities. Analysts suggest that the government’s decision to widen the spreads on long-term bonds with maturities of 10+ years appears to have attracted longer-term demand.
According to the Mobile Trading System (MTS) of Mirae Asset Securities on the 17th, the final subscription rate for 5-year bonds stood at 1.88 to 1. The 10-year and 20-year bonds also saw successful outcomes, with competition rates of 3.03 to 1 and 1.94 to 1, respectively.
Furthermore, the USD/KRW exchange rate has also climbed to its highest level since the 2008 global financial crisis.
KRW Falls Again, USD/KRW Hits 1,497.5 … Highest Since the 2008 Financial Crisis (2026.03.16.)
The five-year reset period for variable-rate mortgages—many of which were originated during the leveraged housing boom of the Moon administration (2017–2022)—should now be underway, too.
It remains to be seen whether those who panic-bought housing with excessive leverage during that era can sustain their positions while simultaneously contending with elevated interest rates and recently increased comprehensive real estate taxes.
I highly doubt that rate cuts are imminent under these conditions.