South Korea's 1-Year IRS Rises to 3.4750%, Up 5 Bps on July 14

According to Yonhap Infomax, on July 14, South Korean interest rate swap (IRS) rates rose across all tenors as of 4:27 p.m. The 1-year IRS climbed 5.00 basis points to 3.4750%, while the 5-year advanced 8.75 bps to 4.0650% and the 10-year gained 8.50 bps to 4.1600%. Overnight index swap (OIS) rates, based on SOFR, also rose across all segments, with the 1-year increasing 4.50 bps to 3.1250% and the 5-year rising 4.00 bps to 3.5450%.

Swap basis spreads—the gap between OIS and IRS—widened across the curve, with the 1-year inversion expanding by 0.50 bps to -35.00 bps and the 5-year reaching -52.00 bps.