Risk and sentiment
Korea Treasury 3Y
The benchmark 3-year Korea Treasury Bond yield, a read on policy-rate expectations and domestic rates.
At a glance
Korea Treasury 3Y: latest value and prior change
As of 2026-07-29, Korea Treasury 3Y is 3.80 %. It is 0.03 pp lower than 3.83 % on 2026-07-28.
Across 979 available observations from 2022-08-01 to 2026-07-29, the latest value is at the tie-adjusted 89th percentile.
- Observed on
- Default comparison window
- 2022-08-01–2026-07-29
- Observations · observed cadence
- 979 · 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 Treasury 3Y
2022-08-01–2026-07-29
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.
Interpretation guide
The 3-year KTB yield: Korea's true benchmark rate
The 3-year Korea Treasury Bond is the most actively traded point on Korea's yield curve and the clearest daily read on where markets think the Bank of Korea is heading. Lending rates, corporate bond yields, and deposit rates all key off this maturity, so it works as a live preview of policy expectations between rate decisions.
Why the 3-year is the benchmark
While the US curve anchors on the 10-year, Korea's bond-futures liquidity concentrates in the 3-year contract, making it the effective reference for domestic rates. Think of it as the policy rate plus the market's expected hiking or cutting path over the next two to three years.
- A 3-year yield above the policy rate means hikes or a long hold are priced in; below it, cuts are priced in.
- The 3-year often moves ahead of BOK meetings, so it doubles as a surprise gauge on decision days.
- Corporate bond and loan pricing reference this yield, so it also frames funding conditions for companies.
Read it against the policy rate and the 10-year
The yield is most informative relative to the BOK base rate and the 10-year. On TapeFlow, compare it with the Korea policy rate, the 10-year yield, and the 10Y-3Y spread on the same screen.
- The 3-year dropping below the base rate signals the market is committed to a cutting cycle.
- A 3-year spike that the 10-year does not follow means tightening expectations are concentrated at the short end.
- Falling 3-year yields alongside rising equities usually mark a liquidity-easing regime.
Cautions for investors
Falling yields are not automatically bullish for stocks. If cuts are being priced because growth is deteriorating, earnings downgrades tend to arrive with the lower yields. Always separate disinflation-driven declines from recession-driven ones.
- Yields easing alongside calmer inflation prints support growth stocks and bonds.
- Yields collapsing alongside weak export and production data lean recessionary and hurt cyclicals.
- Sharp one-day moves can reflect foreign bond-futures positioning, so confirm over several sessions.