Corporate bond sales in South Korea rose sharply in September as companies rushed to issue bonds ahead of the 10-day Chuseok holiday, financial watchdog data showed Monday.
Corporate bond issuance amounted to 14.84 trillion won (13.2 billion U.S. dollars) in September, up 41.3 percent from a month earlier, according to the Financial Supervisory Service (FSS).
Companies hurriedly issued bonds ahead of the Chuseok holiday that kicked off in late September.
Bonds issued by industrial companies more than doubled to 3.36 trillion won, while debts sold by financial companies jumped 28.4 percent. Asset-backed securities (ABS) issuance increased 10.3 percent to 1.36 trillion won.
Equity financing, including the initial public offering (IPO) and the rights issuance, advanced 71.5 percent over the month to 667.7 billion won in September.
IPO soared 169.5 percent to 365.2 billion won, and the issuance of new stocks to increase capital rose 19.2 percent to 302.5 billion won.
For the first nine months of this year, the equity financing reached 7.29 trillion won, up 41.9 percent compared with the same period of last year. The debt financing surged 37.9 percent to 115.67 trillion won.
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