Mirae Asset Securities said on Tuesday it will conduct subscriptions for March issuance of government bonds for individual investors. The subscription runs from Tuesday to March 17 for five business days excluding holidays.

The total issuance is 180 billion won, up 10 billion won from the previous month. By tranche, it comprises 60 billion won of 5-year bonds, unchanged from the previous month, 90 billion won of 10-year bonds, up 10 billion won, and 30 billion won of 20-year bonds, unchanged.

The spreads for the March issuance are 0.2 percent for the 5-year, 1.0 percent for the 10-year and 1.28 percent for the 20-year. If held to maturity, the pre-tax returns are 19.27 percent for the 5-year, or 3.85 percent on an annual average basis, 58.39 percent for the 10-year, or 5.83 percent, and 158.22 percent for the 20-year, or 7.91 percent.

In January and February, it recorded consecutive oversubscriptions for the first time across all three tranches: 5-year, 10-year and 20-year.

In February subscriptions, about 114.9 billion won was booked for a 60 billion won offering of the 5-year tranche, a ratio of 1.91 to 1. About 220 billion won was booked for an 80 billion won offering of the 10-year tranche, a ratio of 2.75 to 1. About 66.7 billion won was booked for a 30 billion won offering of the 20-year tranche, a ratio of 2.22 to 1.

Total subscriptions came to about 401.7 billion won for a 170 billion won offering, a ratio of 2.36 to 1.

A Mirae Asset Securities official said, "Interest is expanding nationwide in government bonds for individual investors due to the stability of government bonds, the return from spreads and compound interest when held to maturity, and separate taxation benefits (up to a total purchase amount of 200 million won)."