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S. Korea's corporate bond sale rises 24.6 pct in August

SEOUL
2023-09-21 11:47

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SEOUL, Sept. 21 (Xinhua) -- South Korea's corporate bond sale logged a double-digit growth last month due to the surging bond issuance by financial companies, financial watchdog data showed Thursday.

The issuance of corporate bonds amounted to 19.23 trillion won (11.5 billion U.S. dollars) in August, up 24.6 percent from the previous month, according to the Financial Supervisory Service.

The double-digit growth was attributed to stronger funding demand from financial companies despite higher policy rates.

The central bank had left its benchmark interest rate unchanged at 3.50 percent since January after hiking it by 3.0 percentage points for the past one and a half years.

Financial companies-issued bonds advanced 47.3 percent over the month to 17.96 trillion won (13.4 billion dollars) in August, while the issuance of asset-backed securities jumped 45.8 percent to 777.2 billion won (580 million dollars).

Bonds, sold by industrial companies, dived 81.9 percent to 490 billion won (365.7 million dollars) in the cited month on weaker demand for operating and facility funds.

Equity financing, including initial public offering (IPO) and rights issuance, stood at 566.9 billion won (423.1 million dollars) in August, down 11.7 percent from a month earlier.
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