Credit and leverage
Korea CP-CD Spread 91D
The 91-day commercial paper yield minus the 91-day CD yield. As the funding-cost gap between corporate and bank short-term money, it is the stress gauge that widens first when Korea's money market seizes up, as it did in the 2022 Legoland crisis.
At a glance
Korea CP-CD Spread 91D: latest value and prior change
As of 2026-09-07, Korea CP-CD Spread 91D is 0.13 pp. It is unchanged from 0.13 pp on 2026-09-04.
Within the default comparison window of 1,000 observations from 2022-08-09 to 2026-09-07, the latest value is at the tie-adjusted 9th percentile. Available history covers 2014-01-02 to 2026-09-07 with 3,124 observations.
- Observed on
- Default comparison window
- 2022-08-09–2026-09-07
- 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-CD Spread 91D
2014-01-02–2026-09-07
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) |
|---|---|---|---|
| 2026-09-07 | 0.13 pp | 2026-09-04 | 0.00 pp |
| 2026-09-04 | 0.13 pp | 2026-09-03 | 0.00 pp |
| 2026-09-03 | 0.13 pp | 2026-09-02 | 0.00 pp |
| 2026-09-02 | 0.13 pp | 2026-09-01 | 0.00 pp |
| 2026-09-01 | 0.13 pp | 2026-08-31 | 0.00 pp |
| 2026-08-31 | 0.13 pp | 2026-08-28 | 0.01 pp |
| 2026-08-28 | 0.12 pp | 2026-08-27 | 0.00 pp |
| 2026-08-27 | 0.12 pp | 2026-08-26 | -0.11 pp |
| 2026-08-26 | 0.23 pp | 2026-08-25 | -0.01 pp |
| 2026-08-25 | 0.24 pp | 2026-08-24 | 0.01 pp |
Source: Bank of Korea ECOS
Interpretation guide
The CP-CD spread: catching the moment Korea's money market freezes
The CP-CD spread is the 91-day commercial paper yield minus the 91-day CD yield — the funding-cost gap between corporate and bank credit at the same maturity. It shows caution rising against corporate names in the money market faster than any other gauge.
What it means
CD rates price bank credit; CP rates price corporate credit, including brokerages and capital companies. In calm times the gap stays narrow, but when funding worries hit a sector, CP alone spikes and the spread blows out. In the 2022 Legoland crisis, this spread's surge tracked the freeze in real time.
- A calm spread means the short-term funding market is functioning normally.
- Rapid widening within weeks signals funding stress in a sector — project finance, brokerages, capital firms.
- Whether the spread breaks after policy support (purchase programs) is the test of stabilization.
Interpretation rules
Being shorter-dated than corporate bond spreads, it moves faster and more violently in crises. Read with the AA- and BBB- corporate spreads, it separates a money-market-only squeeze from stress spreading across the whole credit market.
- CP-CD widening alone, with bond spreads quiet, reads as a short-term, sector-specific issue.
- CP-CD and corporate spreads widening together marks a full-spectrum credit scare.
- Year-end and quarter-end funding demand can widen the spread temporarily — seasonal, not stress.
How to apply it
A money-market freeze does not reach equities with a lag — it hits credit-sensitive sectors almost simultaneously. When this spread starts widening, checking brokerage, construction, and capital-company exposure first is the practical play.
- In rapid-widening phases, hold sectors with heavy project-finance exposure conservatively.
- The spread peaking and turning after policy intervention is an early condition for credit-sensitive rebounds.
- Read it with money-market-fund flows to gauge how guarded institutional cash has become.