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.
Korea CP 91D Rate latest observations
- Observed
- 2026-10-28
- Latest
- 3.81 %
- Change from previous
- ▲ +0.02 pp
Check the observation dates in both the summary and chart; release and refresh times can differ.
At a glance
Korea CP 91D Rate: latest value and prior change
As of 2026-10-26, Korea CP 91D Rate is 3.78 %. It is 0.01 pp higher than 3.77 % on 2026-10-23.
Within the default comparison window of 1,000 observations from 2022-09-26 to 2026-10-26, the latest value is at the tie-adjusted 55th percentile. Available history covers 1995-01-03 to 2026-10-26 with 8,074 observations.
- Observed on
- Default comparison window
- 2022-09-26–2026-10-26
- 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.
2026-07-28 → 2026-10-26 · %
- First
- 3.17 %
- 2026-07-28
- Latest
- 3.78 %
- 2026-10-26
- Window low
- 3.17 %
- 2026-07-28
- Window high
- 3.78 %
- 2026-10-26
The horizontal axis follows observation order; calendar intervals may differ. High and low refer to observed values within this window, not intraday or all-time extremes. Ties show the first observation date.
Time-series chart
Korea CP 91D Rate
1995-01-03–2026-10-26
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) |
|---|---|---|---|
| 2026-10-26 | 3.78 % | 2026-10-23 | 0.01 %p |
| 2026-10-23 | 3.77 % | 2026-10-22 | 0.02 %p |
| 2026-10-22 | 3.75 % | 2026-10-21 | 0.01 %p |
| 2026-10-21 | 3.74 % | 2026-10-20 | 0.01 %p |
| 2026-10-20 | 3.73 % | 2026-10-19 | 0.01 %p |
| 2026-10-19 | 3.72 % | 2026-10-16 | 0.01 %p |
| 2026-10-16 | 3.71 % | 2026-10-15 | 0.02 %p |
| 2026-10-15 | 3.69 % | 2026-10-14 | 0.03 %p |
| 2026-10-14 | 3.66 % | 2026-10-13 | 0.03 %p |
| 2026-10-13 | 3.63 % | 2026-10-12 | 0.03 %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.