The difficulties in issuing bonds are highlighted by low auction success ratio of below 50%, down from 60% one month earlier. Year-to-date bond issuance has yet to reach half of full-year plan despite improvements in the macroeconomic picture. As mentioned in previous reports, low uptake for government bonds is a consequence of both legislative matters (Circular 36) and the prioritizing of capital to sustain booming credit growth (3-year high).