Corporate direct financing falls 10 pct in August

September 27, 2018

SEOUL, Sept. 28 (Yonhap) — South Korean companies’ equity and debt sales fell 10 percent on-month in August, hit by a decline in sales of corporate debts and new stocks, government data showed Friday.

Local companies raised 13.4 trillion won (US$12 billion) through sales of stocks and bonds last month, down 1.4 trillion won from a month earlier, according to the data from the Financial Supervisory Service (FSS).

The Financial Supervisory Service (Yonhap)

The Financial Supervisory Service (Yonhap)

Stock sales, including 7 initial public offerings, plunged 82.2 percent on-month to 149.5 billion won last month.

The value of corporate bonds floated in August, including bank bonds and asset-backed securities (ABS), fell 5.7 percent from a month earlier to 13.3 trillion won, the FSS said.

An ABS is a security whose income payments, and hence value, are derived from and backed by a pool of underlying assets.

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