Credit and leverage
Korea CP 91D Rate
The 91-day commercial paper rate, the cost firms pay for short-term working capital. It often spikes faster than CD or call rates, so it works as an early warning of short-term credit tightening.
At a glance
Korea CP 91D Rate: latest value and prior change
As of 2026-09-08, Korea CP 91D Rate is 3.25 %. It is unchanged from 3.25 % on 2026-09-07.
Within the default comparison window of 1,000 observations from 2022-08-10 to 2026-09-08, the latest value is at the tie-adjusted 39th percentile. Available history covers 1995-01-03 to 2026-09-08 with 8,044 observations.
- Observed on
- Default comparison window
- 2022-08-10–2026-09-08
- Observations · observed cadence
- 1,000 · Daily
- Data source
- Bank of Korea ECOS
A high or low percentile does not by itself make the indicator positive, negative, or a buy or sell signal.
Time-series chart
Korea CP 91D Rate
1995-01-03–2026-09-08
Long-history series are stored as real provider observations. Index, FX, VIX, and ratio charts use historical backfill where providers expose it; Korean investor flow and margin-credit feeds expand as stable historical endpoints become available.
Recent observations and calculated changes
The ten latest chart observations. Change subtracts the previous observation; intervals vary with holidays, release schedules and missing data. A difference in rates or ratios is not an investment return.
| Observed | Value | Previous date | Difference (current − previous) |
|---|---|---|---|
| 2026-09-08 | 3.25 % | 2026-09-07 | 0.00 %p |
| 2026-09-07 | 3.25 % | 2026-09-04 | 0.00 %p |
| 2026-09-04 | 3.25 % | 2026-09-03 | 0.00 %p |
| 2026-09-03 | 3.25 % | 2026-09-02 | 0.00 %p |
| 2026-09-02 | 3.25 % | 2026-09-01 | 0.00 %p |
| 2026-09-01 | 3.25 % | 2026-08-31 | 0.00 %p |
| 2026-08-31 | 3.25 % | 2026-08-28 | 0.00 %p |
| 2026-08-28 | 3.25 % | 2026-08-27 | 0.01 %p |
| 2026-08-27 | 3.24 % | 2026-08-26 | 0.04 %p |
| 2026-08-26 | 3.20 % | 2026-08-25 | 0.01 %p |
Source: Bank of Korea ECOS
Interpretation guide
The CP 91-day rate: corporate short-term funding and early credit warnings
The Korea CP 91D Rate is what companies pay to raise roughly three-month money by issuing commercial paper. Unlike CDs, which carry bank credit, CP is directly exposed to the issuing firm's creditworthiness, making it the thermometer where short-term credit anxiety shows up first.
Why it is so sensitive to credit stress
Commercial paper is short-dated and unsecured, backed only by corporate credit. The moment investors grow even slightly more worried about defaults or failed rollovers, required yields jump quickly.
- A CP-rate spike without any hike expectations behind it should first be read as a credit warning.
- Trouble in one sector — construction or brokerages, for instance — can lift CP rates across the whole market.
- Korea's money-market squeeze in late 2022 showed how a surging CP rate can serve as an early alarm.
Gauging alertness through the CD-CP spread
The gap versus the same-maturity CD rate isolates the risk premium between bank credit and corporate credit. The speed at which this spread widens often matters more than its level.
- A spread breaking out of its usual range at pace is a cue to examine corporate rollover risk.
- If the widening coincides with a rising Korea Corporate Bond AA- 3Y yield, credit caution has spread across maturities.
- A narrowing spread signals repair in short-term credit — a supportive backdrop for risk assets.
Common reading errors
Treating every CP-rate rise as a crisis signal is as wrong as treating it all as policy repricing. Separating the policy component from the credit component is what makes the read accurate.
- If the move matches the Korea CD 91D Rate one for one, policy expectations are the likelier driver than a credit event.
- Posted rates skew toward top-tier issuers, so funding conditions for weaker firms may be worse than shown.
- Do not mistake temporary quarter-end issuance pressure for a structural funding squeeze.