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South Korea Banks Shift 32.5% of FRNs to KOFR Within Two Weeks, But Investors Prefer CD-Linked Products

GateNews
Forex
According to Yonhapinfomax citing Financial Supervisory Service data, two weeks into the July 13 regulatory guidance requiring South Korean banks to convert floating-rate notes (FRNs) from CD-based to KOFR (Korea Risk-Free Rate) benchmarks, banks have converted 15.29 trillion won (approximately 32.5% of 47.09 trillion won total FRN issuance) to KOFR-based instruments, exceeding first-year targets of 10–25%. However, institutional investors continue favoring CD-linked products, which offer roughly 0.2 percentage points higher yields despite comparable spreads. KOFR FRN yields averaged 2.8%, while CD FRN yields reached approximately 3%. General banks showed lower KOFR adoption at 15.9%, with the majority of conversions concentrated in policy financial institutions. The Financial Supervisory Service aims to raise KOFR adoption by 10 percentage points annually, targeting 50% adoption by general banks by June 2031.
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